President Joe Biden signed the Inflation Reduction Act, the roughly $700 billion climate, health care and tax package that passed Congress on a party line vote.
28.07.2022 - 02:33 / deadline.com
Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) said that they have reached a deal on a massive bill that includes climate and energy initiatives as well as a 15% corporate minimum tax.
The agreement surprised reporters, as Manchin several weeks ago indicated that he would not support key aspects of Joe Biden’s agenda, including climate programs, because of concerns of inflation.
In a joint statement, Schumer and Manchin said that their agreement, called the Inflation Reduction Act of 2022, would include $300 billion in deficit reduction and $369.75 billion in energy and climate change programs over the next decade.
The bill also would extend an expansion of the Affordable Care Act through 2025, and allow for Medicare to negotiate for prescription drugs.
According to the one-page summary of the bill, the legislation would reduce carbon emissions by 40% by 2030.
All told, the legislation includes $433 billion in spending and $300 billion in deficit reduction, while raising $739 billion in revenue. That would come via a 15% corporate minimum tax that would raise an estimated $313 billion, while $288 billion would come from prescription drug pricing reform, $124 billion from increased IRS enforcement and $14 billion from ending the carried interest loophole.
Studios and media companies, along with lobbyists across industries, have opposed proposals to raise the corporate tax rate from the current 21%. It’s unclear how a 15% minimum tax would impact major corporations, given that details have not yet been released, but Manchin indicated that it would be aimed at “billion-dollar companies or larger.” But a 15% minimum was proposed tax last year, its chief backers Sen. Elizabeth Warren (D-MA), Sen.
President Joe Biden signed the Inflation Reduction Act, the roughly $700 billion climate, health care and tax package that passed Congress on a party line vote.
President Joe Biden has joined the list of US presidents and other world leaders who have held the position of Honorary Chairman of the Presidents Cup. It was announced on Monday, Aug. 15 that First Lady Dr. Jill Biden’s husband had accepted the role for the 2022 Presidents Cup.
A massive climate, healthcare care and tax bill cleared its final hurdle on Friday, as the House passed the legislation on a party line vote, sending it to President Joe Biden to sign.
Joe Biden signed legislation on Wednesday the extends veterans’ health benefits to those exposed to toxic burn pits, praising Jon Stewart for his role in rallying public support to compel Congress to act.
“As you know, it has been a long, tough and winding road,” Schumer told the press.So, of course, Colbert noted the Beatle-ness of the New York Senator’s remark.“Ah yes, the long, tough and winding road. It’s everyone’s favorite Beatle song next to ‘A Hard Day’s Very Difficult Nighttime,’” the “Late Show” host said to laughs.He also had fun ribbing the Senator for a comment Schumer made about his attire.“OK, does anyone notice anything? This is my lucky blue suit,” Schumer said in another clip the “Late Show” host played.
The former Pink Floyd frontman is still sparking controversy.
CNN, former Pink Floyd frontman Roger Waters offered a defence for his labelling of US President Joe Biden as a war criminal.Waters is currently on tour across North America with his latest stage show, ‘This Is Not A Drill’, having played 15 dates in the region since early July. For the show, Waters’ stage is lined with giant screens, which at one point, display a slideshow of people that Waters has branded as “war criminals”.Biden is shown among the cohort – right after his predecessor, Donald Trump – with a label asserting to concertgoers that the current US President is “just getting started”.Speaking with CNN’s Michael Smerconish (who notes that he’s a fan of Waters’ music, but disagrees with him on some of his political viewpoints), Waters was asked why he considers Biden to be a fit for the inflammatory slideshow.“Well, he’s fuelling the fire in the Ukraine, for a start – that is a huge crime,” the artist answered, rhetorically posing to Smerconish: “Why won’t the United States of America encourage [Volodymyr] Zelenskyy, the [Ukrainian] president, to negotiate, obviating the need for this horrific, horrendous war that’s killing… We don’t know how many Russians.”Smerconish responds by telling Waters that he’s “got it reversed”, and that the artist is erroneously “blaming the party that got invaded”.
The Senate on Saturday voted to advance a $700 billion package to address climate change, curb the rising cost of prescription drugs and extend Affordable Care Act benefits.
UPDATE, WEDNESDAY, AUGUST 3: Joe Biden continues to test positive for Covid and will continue to isolate, but “continues to feel well,” his physician Dr. Kevin O’Connor wrote in a memo on Wednesday.
Caruso had spent more than $40 million of his estimated $4.3 billion on his campaign through the primary — far exceeding the $10.2 million LA Mayor Eric Garcetti spent on his 2013 campaign. Caruso’s expenditure includes a $37.5 million loan that the billionaire made to himself.
President Joe Biden and Vice President Kamala Harris jointly endorsed Rep. Karen Bass in her run for Los Angeles mayor today.
President Joe Biden made the official announcement that a U.S. drone strike killed top al Qaeda leader Ayman al-Zawahri in Kabul over the weekend.
On Monday’s edition of “Morning Joe,” beloved correspondent and elections expert Steve Kornacki was invited to dissect exactly what the midterm elections look like right now.While co-host Joe Scarborough was quick to note that he’d “be the last to suggest that polling in July makes any difference, [but] it does give you a snapshot” of the time, he sees the way Republican Senatorial candidates are setting the stage in swing states like Arizona, Georgia, and Pennsylvania and thinks it’s going to be a hard hole to dig themselves out of. “I’ve been absolutely stunned by just how self-destructive – in my opinion, not yours – the Republican party has been by the people that they put up to run state-wide races in swing states,” Scarborough told Kornacki, opening the segment.
West Virginia Senator Joe Manchin did the “Full Ginsburg” on Sunday’s political talk show circuit, promising that his surprise support of a new spending bill won’t cause added taxation on the average household.
Joe Biden has tested positive for COVID-19 again.
President Joe Biden has tested positive for COVID-19 again, just days after he recovered from his previous case of the virus, the White House physician said in a statement Saturday. He is not experiencing any symptoms but will self-isolate again. Mr. Biden is experiencing what Dr.
President Joe Biden has tested positive for Covid-19 again Saturday morning, per a letter from presidential physician Dr. Kevin O’Connor.
President Joe Biden has tested positive for Covid-19 again Saturday morning, per a letter from presidential physician Dr. Kevin O’Connor.
for a bill? Which means Democrats might actually get something done?” Noah marveled. “Am I dreaming? And if so, what a boring dream!”But really, Noah doesn’t credit Biden himself with getting Manchin to sign his name to the Inflation Reduction Act.