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The IRA is a BFD
Author: Raine    Date: 08/08/2022 13:03:09

Yesterday, the Senate Dems passed the Inflation Reduction Act via reconciliation. Reconciliation votes remove the filibuster and it passed on party lines with Vice President Harris casting the tie-breaking vote. Not one member of the other party voted for it.

That was probably a mistake. While the bill caps insulin at $35 a month for seniors, the GOP block that cap for all of those on private insurance. It's a political gift to the Dems. Here are those Senators:

Here is some of what is in the bill, which is expected to pass in the house later this week:
• The bulk of the spending — more than $300 billion — are investments to tackle climate change and boost clean energy, including incentives for farmers and ranchers to reduce methane emissions; an extension of the electric vehicle tax credit; and the launch of a National Climate Bank that would make investments in clean energy technologies and energy efficiency.

• The legislation would empower Medicare to negotiate prices with drug companies for the first time, cutting prescription drug prices for seniors. The savings would help pay for a three-year extension of Affordable Care Act subsidies, which would stave off an expected rise in insurance premiums that were set to go into effect in 2023.

• The package includes a cap on the price of insulin for seniors on Medicare, but Republicans successfully removed a $35 cap on insulin in the private market.

• The bill also raises revenue through a new 15% minimum tax on large corporations, though accelerated depreciation would be exempted — a key ask of centrist Sen. Kyrsten Sinema, D-Ariz., who extracted several tax changes from leadership before getting on board with the package.

• Sinema also successfully killed a provision to close the carried interest tax loophole that benefits private equity and hedge fund managers. It was replaced, with Sinema’s support, by a 1% excise tax on stock buybacks that actually pulls in more revenue than the carried interest provision would have.
It's really pretty amazing what has happened in the past few weeks. It has been a lot. Al Zawahiri was finally removed, while POTUS was dealing with covid. A huge Semi-conductor bill was passed, bringing thousands and thousands of jobs to the American economy. We got the Burn pit bill done -- and that same night we learned that Manchin was on board with the IRA. Sinema would follow along in a few DAYS.

In all of this happening, a jobs report came out that was phenomenal -- suggesting that the White House may be correct-- talk of a recession is probably premature. Oh, and Gas prices are still dropping. I'm not even talking about the American Rescue Act, Gun reform or anything else this White House and the party has gotten done in the past 18 months. I don't think even the likes of FDR got so much done in under two years. He is the most transformative President since LBJ.

It's all a 'Big Fucking Deal' --- I'm just quoting Joe Biden.

Let's get the week rolling!



9 comments (Latest Comment: 08/08/2022 22:16:35 by wickedpam)
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