President Joe Biden has signed the sweeping Inflation Reduction Act into law, a move supporters say has already revived his domestic agenda.
However, critics say the massive healthcare, climate and tax bill will do nothing to ease historic inflation and expect an enlarged IRS (another one of the bill's byproducts) will increase audits for households making less than $400,000 per year.
Even the White House isn't saying when the Inflation Reduction Act is expected to begin reducing inflation.
None of that has been mentioned at today's signing ceremony at the White House.
WATCH:
CNBC further reports:
After more than a year of debate over costs, taxes, tax credits and regulations, President Joe Biden is finally signing his sweeping tax, health and climate bill into law — albeit a significantly reduced version of the $1.75 trillion Build Back Better plan he was pushing for last year.
Considered a major win for Democrats, the newly renamed Inflation Reduction Act includes a $369 billion investment in climate and energy policies, $64 billion to extend a policy under the Affordable Care Act to reduce health insurance costs, and a 15% corporate minimum tax aimed at companies that earn more than $1 billion a year.
The $437 billion spending package is expected to raise $737 billion in revenue over the next decade, the biggest share coming from reductions in drug prices for Medicare recipients and tax hikes on corporations. Roughly $124 billion is expected to come from increased IRS enforcement, meaning tougher and more frequent audits for the wealthy. It's projected to reduce the deficit by more than $300 billion over a decade.
To get a deal done, Biden had to give up some of his favorite pieces of his original Build Back Better bill, including universal child care and tax cuts for the middle class. Conservative Democratic Sen. Joe Manchin of West Virginia was also a late Democratic holdout until he and Senate Majority Leader Chuck Schumer, D-N.Y., struck a deal moving the bill forward earlier this month.
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& IRS Police Force into act: 87K agents
Inflation will be so high the poor and middle class will not be able to buy very much or nothing at all.
This legislation by these democrats should have been called,’ The ESCULATION OF INFLATION ACT’ where is the work requirements? No payroll tax rate decrease! And stagnant wages! Right smack in the middle of the Communist Manifesto.
That’s what they want. The super rich and the super poor who have to get on the gov’t teet to survive and are beholding in the voting booth
May his God condemn him to the place where beelzebub lives. The democrap’s days are numbered as voters want a change. Really weird they pass a tax increase that is going to trickle down to the middle class eventually sooner rather than later. I can’t wait till the mid terms as I suspect they will be sent packing. Looks like the traitor Cheney is going to be “outed” by the fine citizens of Wyoming and I relish that. Great state Wyoming as I have relatives in the state and one has to be tough to live there.
Winters are brutal and block heaters are mandatory.
F E Warren Air Force base really rocks and I was able to tour the public areas with my uncle who was a retired missiler in 1965. He had a funny story that they were doing “routine” maintenance on a 4 megaton hydrogen bomb missile warhead. An officer came up and asked them to speed up the process. My uncle with his usual western drawl said, “Sir, this here is a 4 megaton hydrogen bomb and it can leave a pretty big hole in the ground. Best you not rush us.” The officer backed down.
Don’t worry about Liz freezing in Wyoming. She is a DC gal and will probably never set foot in Wyoming again. As she ever even lived in Wyoming? She’ll hang around DC, count on it.
Let us all hope and pray that the NEXT President will have the wisdom to pass the Inflation Reduction REDACTION Act.
Inflation Reduction: Just how stupid/ignorant do people who believe that producing less goods in value compared to the money being printed is going to reduce inflation. Raising taxes in a recession? If it weren’t so damaging it would be comical
Many people speculated the Media would start applying cold hard facts to the Biden and Dems agenda. They forgot all the media gushing in the lead up to Obamacare.
Once Obama signed it, there was no denying that he lied about people keeping their doctors and health care plans. The MSM completely ignored the lie and how it affected people. They continued gushing about Obamacare, but their stories were akin to gushing that the Titanic was a success because “People arrived in New York.” No messy stuff like the ship sank, more than half the people died, etc.
The MSM is doing the same thing with this bill. Joe has stopped inflation! Joe has just saved the planet and all of mankind! Now, those rich fat cats are gonna start paying their fair share! And so on.
Yep, he caused it now he makes up some b.s. to reduce it? 22 months ago there was no inflation. Ok Joey, send your IRS storm troopers to my door. You’ll probably get me but watch what happens to some of your brown shirts.