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Old 08-01-2022, 06:25 PM   #41
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Thanks, Gumby.



In addition to Gumbyís response, I would add the Inflation Reduction Act of 2022 is part of a budget reconciliation process and therefore will not go to committee. It follows a different path. The next step is a Senate resolution, and if it passes with a simple majority vote would become part of the budget bill, and then follow the budget reconcile process.



We could postpone discussion until that happens, but the likelihood of the Senate resolution is much higher than a typical bill, so while this is still speculative it does have a higher probability of seeing daylight, which is one criteria we prefer to discuss pending legislation.
Only if the parliamentarian agrees.
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Old 08-01-2022, 07:38 PM   #42
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Hopefully I'm just missing something. If not, it looks like many of us here will have to think about this again in 2023.
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Old 08-02-2022, 11:01 PM   #43
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The bill certainly has nothing to do with reducing inflation.

It is largely "green" subsidies to people and industries that do not need them, funded by a tax on corporations which will largely hit consumers and cost jobs, according to the nonpartisan Joint Committee on Taxation.

It includes a regressive has tax at a time when has prices are already high (and violating a pledge to not increase taxes on those making less than $400k). And according to analyses (and common sense) it is inflationary.

This congress has certainly become outrageous in how misleading the bill names are. Of course, if they named it honestly it would never pass.
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Old 08-02-2022, 11:35 PM   #44
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As far as I can tell, the Inflation Adjustment Act being discussed in the news has not yet been officially introduced in Congress.

The text of the bill, which one can find through the Wiki article linked in the OP, references HR5376 on the first page or so. Searching for that bill on congress.gov reveals the larger version of Build Back Better which passed the House in November 2021, not the Inflation Reduction Act text.

It's Tuesday evening where I am. Congress is scheduled to start their August recess this Friday, I think. I wonder how many procedural steps are required and how long they take to complete? I suppose they could delay their recess for this bill.

Last I read, Senator Sinema of AZ was wanting to hear from the parliamentarian in order to help determine her vote, and the parliamentarian's evaluation could take a few days.

If it passes the Senate, it would of course also have to pass the House. That could be a formality, or it might not depending on what revised text emerges from the Senate process.
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Old 08-03-2022, 05:49 AM   #45
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Originally Posted by Montecfo View Post
The bill certainly has nothing to do with reducing inflation.

It is largely "green" subsidies to people and industries that do not need them, funded by a tax on corporations which will largely hit consumers and cost jobs, according to the nonpartisan Joint Committee on Taxation.

It includes a regressive has tax at a time when has prices are already high (and violating a pledge to not increase taxes on those making less than $400k). And according to analyses (and common sense) it is inflationary.

This congress has certainly become outrageous in how misleading the bill names are. Of course, if they named it honestly it would never pass.
Monte,

What specific provisions will increase income taxes for individuals with less than $400k of income?... I have not seen anything in my review of the tax provisions. In fact, the only individual provisions relate to carried interest, which is unlikely to impact households earning less than $400k.

I agree with you that the impact on inflation is probbly marginal even though tax changes exceed proposed spending.
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Old 08-03-2022, 06:09 AM   #46
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<mod note> Letís all focus on the content of the bill and how it affects us, if at all. Disagreements with the rhetoric go nowhere very quickly.
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Old 08-03-2022, 06:40 AM   #47
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I think the minimum corporate tax provision is a good one, along with anything that can bolster the ACA. At least for 1 year till DW goes on Medicare.
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Old 08-03-2022, 07:21 AM   #48
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I think the minimum corporate tax provision is a good one, ....
But how does that in any way reduce inflation (the title of the bill!)?

Those taxes are just costs to the corp, and are just passed on to the consumer. And the consumer will also effectively be paying for the corporations team of lawyers and accountants that are hired to try to reduce the corporate tax hit (with the double whammy that the consumers would need to be taxed more to make up for what the corp managed to *not* pay).

I'd vote for the opposite, reduce corp taxes. Corp taxes are a shell game, and the consumer is the patsy.

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Old 08-03-2022, 07:22 AM   #49
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But how does that in any way reduce inflation (the title of the bill!)?

Those taxes are just costs to the corp, and are just passed on to the consumer. And the consumer will also effectively be paying for the corporations team of lawyers and accountants that are hired to try to reduce the corporate tax hit (with the double whammy that the consumers would need to be taxed more to make up for what the corp managed to *not* pay).

I'd vote for the opposite, reduce corp taxes. Corp taxes are a shell game, and the consumer is the patsy.

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The title of the act is to appease the populous. Both parties do it all the time. It is called politics.
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Old 08-03-2022, 07:27 AM   #50
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But how does that in any way reduce inflation (the title of the bill!)?
Can we please forgo discussions surrounding the rhetoric of the bill and focus on provisions and content?
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Old 08-03-2022, 07:37 AM   #51
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<mod note> Let’s all focus on the content of the bill and how it affects us, if at all. Disagreements with the rhetoric go nowhere very quickly.
I'm fairly certain the bill will affect all Americans.
Here's the content and and how it affects me:

15% Min corp tax - I'll pay extra for goods and services to companies trying to recoup their additional tax

Prescription drug pricing reform. - I don't take prescription drugs, so this will not affect me

IRS tax enforcement. - Shouldn't affect me, but if it does it will affect me negatively

Carried Interest Loophole - Probably doesn't affect me

Energy Security and Climate Change - The bill claims to lower energy costs, and reduce carbon emissions 40% by 2030. Bill doesn't explain how they propose to accomplish this. Past history shows that cleaner energy is accomplished through increased regulation that usually raises energy costs.

ACA Extension - Doesn't affect me.

Deficit reduction of $300 billion. - I'll believe it if/when I see it.


It's almost a given that this bill is going to cost me some dough without any gains at least in my lifetime. But I'm all for it if it doesn't cost me anything.
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Old 08-03-2022, 07:46 AM   #52
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Can we please forgo discussions surrounding the rhetoric of the bill and forum on provisions and content?
I thought I was?

I don't see where a provision on increasing corporate tax does anything to reduce inflation - costs (and more) will be passed on to the consumer. Overall, this means more money comes out of our pockets, the provision affects us all. Isn't the effects on us consumers what we are discussing? (And I sure hope I got affects/effects right - I have a mental block on those two words!).

I hope some of the other provisions do help us, but the devil's in the details.

I'll skip commenting on the "Energy Security and Climate Change -" beyond that I'm skeptical it will accomplish anything meaningful other than increase consumer costs.

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Old 08-03-2022, 02:08 PM   #53
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