Inflation Reduction Act will cost middle class $20B: CBO

The Inflation Reduction Act sent to President Biden’s desk will end up forcing working-class Americans to pay trillions of dollars in new taxes, according to the nonpartisan Congressional Budget Office. An analysis by the CBO estimates those earning less than $400,000 — the group on which Biden promised not to raise taxes — will pay … Read more

Watch live: House debates Schumer and Manchin’s Inflation Reduction Act | USA TODAY – USA TODAY

Watch live: House debates Schumer and Manchin’s Inflation Reduction Act | USA TODAYUSA TODAY Inflation Reduction Act poised for House passageCBS News Editorial: The Inflation Reduction Act — it’s complicated | Editorials | postandcourier.comCharleston Post Courier Democrats’ Inflation Reduction Act is simply Build Back Better 2.0 and it’s a scamFox News View Full Coverage on … Read more

Sanders rips Inflation Reduction Act, says it will have ‘minimal impact on inflation’

Late. Bernie Sanders (I-Vt.) ripped the Inflation Reduction Act Saturday for doing little to fight inflation and not enough to help Americans struggling to afford health care, child care and housing. “According to the [Congressional Budget Office] and other economic organizations that have studied this bill, it will have a minimal impact on inflation,” Sanders … Read more

Democrats’ big package: What remains in and what’s out?

WASHINGTON (AP) — It’s nowhere near the $4 trillion proposal President Joe Biden first launched to rebuild America’s public infrastructure and family support systems but the compromise package of inflation-fighting health care, climate change and deficit reduction strategies appears on track towards Senate votes this weekend. The estimated $740 billion proposal, struck by two top … Read more

Tougher IRS enforcement central to Dem economic package

WASHINGTON (AP) — After more than a decade of mostly losing out, the Internal Revenue Service may finally get the cash infusion it’s long wanted in the economic package that Democrats are working furiously to push through Congress before their August break. Under a deal worked out by Senate Majority Leader Chuck Schumer and West … Read more

Sinema made Schumer cut carried interest loophole from reconciliation bill

US Senate Majority Leader Chuck Schumer (D-NY) holds his weekly news conference after the Democratic caucus party luncheon at the US Capitol in Washington, August 2, 2022. Jonathan Ernst | Reuters Senate Majority Leader Chuck Schumer said Friday that Democrats had “no choice” but to drop a key tax provision from their major spending bill … Read more

Democrats one step closer to passing inflation bill with Sinema’s support – Fox Business

Democrats one step closer to passing inflation bill with Sinema’s supportFox Business Will the Inflation Reduction Act actually reduce inflation?Fox Business McGurn: ‘Tax the rich schemes’ are ‘never’ about taxing the wealthyFox Business Karl Rove: America might find itself in ‘stagflation’Fox Business View Full Coverage on Google News

Koch network pressures Sens. Manchin, Sinema to oppose $739 trillion tax-and-spending bill

Late. Kyrsten Sinema, D-Ariz., and Sen. Joe Manchin, DW.Va., boards an elevator after a private meeting between the two of them on Capitol Hill on Thursday, Sept. 30, 2021 in Washington, DC. Jabin Botsford | The Washington Post | Getty Images The political network backed by billionaire Charles Koch launched an ad blitz targeting Sens. … Read more

Manchin touts inflation reduction bill, says ‘I’m not getting involved’ in upcoming elections

Late. Joe Manchin in the US Capitol on Tuesday, June 14, 2022. Sen. Joe Manchin, DW.Va., and his staff told Democratic leadership on Thursday that he’s not willing to support major climate and tax provisions in a sweeping Biden agenda bill, according to a Democrat briefed on the conversations. Tom Williams | Cq-roll Call, Inc. … Read more

Cassidy says Schumer-Manchin deal injects ‘incredible amount of uncertainty into the economy’

Late. Bill Cassidy (R-La.) on Sunday knocked the Inflation Reduction Act championed by Senate Majority Leader Charles Schumer (DN.Y.) and centrist swing vote Sen. Joe Manchin (DW.Va.), saying the bill could lead to a recession despite its sponsors’ claims that it will tamp down rising prices. “It may be disinflationary by causing a recession. They’re … Read more