Author Topic: Biden signs $739 billion Inflation Reduction Act into law, slams GOP  (Read 308 times)

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Offline Ralph Wiggum

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Biden signs $739 billion Inflation Reduction Act into law, slams GOP for voting against the tax, climate deal

Biden criticized Republicans for voting against the massive social spending, tax and climate change bill

President Biden signed the Inflation Reduction Act into law on Tuesday, saying "the American people won, and the special interests lost" with the new legislation and touting Democratic support while slamming Republicans for not backing the bill.

The president returned to the White House after a week-long vacation in Kiawah Island, South Carolina. Biden was joined by House Majority Whip Jim Clyburn and Senate Majority Leader Chuck Schumer during an event in the State Dining Room at the White House.

"With this law, the American people won, and the special interests lost," Biden said Tuesday. "This administration began amid a dark time in America … a once-in-a-century pandemic, devastating joblessness, clear and present threats to democracy and the rule of law, doubts about America's future itself — and yet we've not wavered, we've not flinched, and we've not given in."

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Democrats project that the legislation will reduce the deficit by bringing in $737 billion. This includes an estimated $124 billion from IRS tax enforcement, the projected result of hiring 87,000 new IRS agents who will ramp up audits.

The bill also imposes a 15% corporate minimum tax that the Joint Committee on Taxation predicts will raise $222 billion, and prescription drug pricing reform that the Senate estimates will bring in $265 billion.

One thing the Inflation Reduction Act is not expected to do, according to multiple analyses, is reduce inflation. The Congressional Budget Office said the bill will have "a negligible effect" on inflation in 2022, and in 2023 its impact would range between reducing inflation by 0.1% and increasing it by 0.1%.

https://www.foxnews.com/politics/biden-signs-739-billion-inflation-reduction-act-law-slams-gop-voting-against-tax-climate-deal

Unlike the quagmire that 0bamacare was, and the futile Republican efforts to "Repeal and Replace", this freaking turd simply needs to be REPEALED.

I love this arrogant line for its utter stupidity from Sharter Joe: "the American people won, and the special interests lost". Special interests lost? What about all your greenie investors? Remember Solyndra and that dumpster fire that soaked taxpayers for billions?  This is Solyndra on steroids.

 :banghead: :banghead: :banghead:

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Offline Eupher

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Re: Biden signs $739 billion Inflation Reduction Act into law, slams GOP
« Reply #1 on: August 17, 2022, 08:11:48 PM »


Unlike the quagmire that 0bamacare was, and the futile Republican efforts to "Repeal and Replace", this freaking turd simply needs to be REPEALED.


From your lips to God's ears. But it's too late -- Congress can't stop spending money it doesn't have. And that includes both parties. SharterJoe's lies about how this bill somehow pays for itself thanks to armed IRS people bilking Etsy vendors out of chump change illustrates how tyranny is with us.
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