According to short document published by Democrats, the package is called the “Inflation Reduction Act of 2022.” The whole bill can be read here.
They wrote:
The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will also finally allow Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025.
The new proposal for the FY2022 Budget Reconciliation bill will invest approximately $300 billion in Deficit Reduction and $369 billion in Energy Security and Climate Change programs over the next ten years.
Additionally, the agreement calls for comprehensive Permitting reform legislation to be passed before the end of the fiscal year. Permitting reform is essential to unlocking domestic energy and transmission projects, which will lower costs for consumers and help us meet our long-term emissions goals.
The Inflation Reduction Act:
- Enacts historic deficit reduction to fight inflation
- Lowers energy costs, increases cleaner production, and reduces carbon emissions by roughly 40 percent by 2030
- Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000
- Lowers ACA health care premiums for millions of Americans
- Make biggest corporations and ultra-wealthy pay their fair share
- There are no new taxes on families making $400,000 or less and no new taxes on small businesses – we are closing tax loopholes and enforcing the tax code.
NPR also added:
The new agreement aims to “reduce carbon emissions by roughly 40 percent by 2030” and address inflation while also reducing the deficit, according to documents released by Schumer and Manchin. Schumer planned to submit the bill to the Senate parliamentarian for review on Wednesday night in order to start votes on the bill next week. Democrats plan to pass the bill using the budget process known as reconciliation to avoid a Republican filibuster, provided the legislation has unanimous support among Senate Democrats.
Manchin and Schumer say they have also reached an agreement with House Speaker Nancy Pelosi, D-Calif., and President Biden to pass a permitting reform bill by the end of the year, with the goal of easing permits for domestic energy production and transmission.
The agreement is a significant expansion of the very narrow bill Democrats had hoped pass through reconciliation before the midterm elections, though it still falls far short of the broader Build Back Better plan they began negotiating last year. That proposal initially included massive domestic spending to address climate, taxes, health care and social programs.
However, Politico adds these clarifying statements:
It does not include surtaxes on people making more than $10 million a year, ending a push by most Democrats to impose higher rates on the wealthy; nor does it include a global tax deal. Manchin said the bill in theory should be bipartisan but he believed Republicans would never touch the tax code for corporations.
Another twist: Manchin said the final deal does not leave out new incentives for electric vehicles, which he’d resisted in what became a major sticking point in the negotiations. Manchin said the bill gives incentives to make new car batteries in America “and not only be able to assemble them, but be able to extract the minerals that we need, critical minerals, in North America.”
Schumer held a call Wednesday evening with committee chairs who have jurisdiction over climate as well as senators focused on the issue. The deal with Manchin includes a methane fee as well as a $4,000 tax credit for the purchase of used electric vehicles, according to two Democrats familiar with the matter.
The bill also includes efforts to make fossil fuels cleaner, Manchin said, as well as to increase production to help American allies amid Russia’s invasion of Ukraine, which has limited European fuel supplies.
AUTHOR COMMENTARY
[16] For the leaders of this people cause them to err; and they that are led of them are destroyed. [17] Therefore the Lord shall have no joy in their young men, neither shall have mercy on their fatherless and widows: for every one is an hypocrite and an evildoer, and every mouth speaketh folly. For all this his anger is not turned away, but his hand is stretched out still.Isaiah 9:16-17
Ah yes, these retards plan to print hundreds of billions of dollars to somehow make the $30 trillion in federal debt disappear, even though printing money OBVIOUSLY causes inflation and increases the debt load. Don’t marvel: they know full-well and good what they are doing. It’s just more money they can divvy up amongst themselves.
And while this bill in its current form does not necessarily impose carbon taxes, it is most certainly heading in that direction, while incentivizing people to get EVs and tow the eco-warrior narrative.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
GOOD