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Tax & spend after Biden swore he wouldn't raise taxes---like he swore he'd "shut it down."
Winners
— Medicare, Obamacare enrollees
The final bill caps out-of-pocket costs for seniors’ prescription drugs at $2,000 a year and allows Medicare to negotiate the prices on 10 medications four years from now. The bill avoids a large January increase in Obamacare premiums for many middle income people by extending subsidies for three years.
— The wealthy
None of the billions of dollars in tax increases Democrats floated a year ago on high-earning Americans made it into the final version of the bill, including proposals to double the capital gains rate, increase taxes on inheritances and levy a surcharge on millionaires. Despite rhetoric from Democrats that they wanted the richest Americans to pay much more, there wasn’t consensus within the party to pass a bill that raises levies on the 1%.
— Private equity
Private equity fund managers were able to dodge a tax increase that Sen. Joe Manchin wanted, but fellow moderate Democrat Sen. Kyrsten Sinema insisted be taken out of the bill. Manchin had wanted to narrow a tax break known as carried interest, that allows fund managers to pay lower capital gains rates on their earnings. The private equity industry was able to gain an additional win shortly before the final passage of the bill when a handful of Democrats broke with their party to vote on a Republican amendment that created a carveout for private equity-owned companies in the corporate minimum tax.
— Manchin, Sinema
The entire contents of the bill were essentially cherry-picked by Manchin and then tweaked to fit Sinema’s preferences. The two moderates amassed huge leverage with their willingness to accept no bill at all — and attacks from progressives — rather than a bill with provisions they opposed. The pair were also able to score some direct benefits for their states as part of the negotiations: Manchin secured and agreement to permit the completion of the Equitrans Midstream Corp.’s Mountain Valley Pipeline, and Sinema was able to get $4 billion for drought relief in Western states.
— Electric carmakers
The deal extends a popular $7,500 per vehicle consumer tax credit for the purchase of electric vehicles, a win for EV makers like General Motors Co., Tesla Inc. and Toyota Motor Co. But to win the backing of Manchin, companies will have to comply with tough new battery and critical minerals sourcing requirements that could render the credits useless for years for many manufacturers. Not all manufacturers stand to benefit from the credit. New cars that cost more than $55,000 and $80,000 for pickups and SUVs won’t qualify for the credits.
— Renewable energy
Solar company Sunrun Inc., energy storage and software provider Stem Inc., and hydrogen and fuel cell company Plug Power Inc. stand to benefit from generous tax credits in the bill. Nuclear reactor operators such as Southern Co., Constellation Energy Corp., Public Service Enterprise Group Inc. and Energy Harbor Corp. also could see a boon from a $30 billion production tax credit for nuclear power providers.
— Oil companies
Oil and gas got a boost alongside newer energy sources. The bill, which could mandate more federal oil and gas lease sales and boosts an existing tax credit for carbon capture, won praise from companies such as Exxon Mobil Corp. and Occidental Petroleum Corp. The legislation creates a new 10-year product tax credit for hydrogen production that rises to as much as $3 per kilogram depending on carbon intensity.
— Deficit hawks
Manchin negotiated $300 billion in deficit reduction into the bill, the first major effort by Congress in 11 years to reduce the difference between how much the country spends versus how much tax revenue it takes in. The deficit cuts are minor compared to the $24 trillion national debt but hawks say it’s a start.
— The IRS
The Internal Revenue Service will get an influx of $80 billion over the next decade to expand its audit capability and upgrade technology systems after years of being underfunded.
Losers
— Pharmaceutical companies
The bill allows Medicare for the first time to negotiate with pharmaceutical companies on drug prices, a change that Congress has been discussing for decades with limited success, in part because of the drug lobby’s power. The pharmaceutical industry was able to score a partial victory after the Senate parliamentarian blocked a portion of the bill that would have capped price increases for drugs in the commercial market. Drug-makers will likely offset some of their reduced revenue from Medicare negotiations with higher prices for patients with private insurance.
— Tech companies
Technology companies are set to bear the brunt of the two major tax increases in the proposal — a 15% minimum tax on financial statement profits and a new levy on stock buybacks. Corporations like Alphabet Inc.’s Google and Meta Inc.’s Facebook have both been able to deftly use the tax code to cut down on the taxes they owe, while still being profitable. The minimum tax is designed to increase levies on companies that report large profits to shareholders, but can claim many deductions and credits to cut their IRS bills.
— The SALT caucus
The legislation does not include an expansion of the $10,000 cap on the state and local tax deduction, or SALT. The omission is a blow to residents of high-tax states in the Northeast and West Coast, and Reps. Josh Gottheimer of New Jersey and Tom Suozzi of New York, who led the effort to increase the size of the write-off.
— Bernie Sanders
The $437 billion in spending is a far cry from the $6 trillion that progressives, led by Sen. Bernie Sanders, envisioned at the start of Biden’s presidency. The bill excludes all proposals for new social programs, including child care, tuition-free college, housing spending and an expanded-child monthly child tax credit.
Tax & spend after Biden swore he wouldn't raise taxes---like he swore he'd "shut it down."
Why did you skip Republicans in the losers column?
https://fortune.com/2022/08/08/winne...-biden-sinema/
Joe broke you.
I wanted to give you something to find on your fact finding mission.
El RandomNoNo
Trump broke you
There it is... "I wAs JeSt TrOlLiNg"...
Damn, Old Joe did a number on this guy...
You see, I found an article and came up with a clever scheme to remove certain sections of said article whilst sharing it on my favorite internet website, in order to trick you into clicking the article and noticing such omit'd sections, hence making YOU the pathetic and broken loser. Ha!I wanted to give you something to find on your fact finding mission.
El RandomNoNo
Trump broke you
People with the beetus should be in the losers category too since the amendment to impose a $35 cap on monthly co-pays for insulin lost 57-43 thanks to the 43 republican senators willing to kill off their base to own the libs.
Tax & spend after Biden swore he wouldn't raise taxes---like he swore he'd "shut it down."
no you didn't
^^^went right over derp's head
Went right over your head
gotheem
You twitting other posters for ventriloquism/mind reading is pretty rich. Spurminator pretty much nailed it and your comeback was schoolmarmishness posing as a joke, but without any hilarity in the punchline.Went right over your head
gotheem
But it got you
But you can always cover the crankiness with an emoji, right?
I got you. Accept it and move on.
"I cast the I-Know-You-Are-But-What-Am-I Spell on thee! Laughing out loud! It is THOU who are owned, not I!"Went right over your head
gotheem
What movie is this from?
ez gotheemWent right over your head
gotheem
IMO there should be a personal fat tax for anyone with a BMI over the legal medical overweight / obesity line... no excuses. Starts at $1,000 per year and goes up even further by BMI. Once per year you must submit your BMI from a doctor's office along with your annual taxes. That's how it can get enforced.
BMI is a stupid stat. LeBron is overweight by BMI.
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