Here we go AGAIN….
The Congressional political wrestling match on President Biden’s Build Back Better Act…
This will be about the US Senate and Democratic Senator’s Manchin and Sinema, who now can torpedo things they want to because they got what they wanted ….
Capital government money spread far and wide…..
Progressive Democrats have a ‘promise’ and Joe Biden needs another ‘win’…..
We’ll see what survives in the US Senate….
I do NOT think the tax stuff will generate what is advertised …..
The Build Back Better bill is widely expected to be close to — if not fully — paid for when the CBO runs its final tally. The bill includes a 15 percent corporate minimum tax on big companies, a new tax on firms that perform stock buybacks, and a new “surcharge” tax on Americans with incomes above $10 million. These initiatives, along with heftier enforcement of tax cheats, should be close to covering the costs. The nonpartisan Joint Committee on Taxation found the new tax provisions alone would raise $1.5 trillion in revenue.
In total, Biden’s initiatives would add only a small fraction to the debt compared with the 2017 GOP tax cut that is on track to add $1.9 trillion over a decade….
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Sen. Joe Manchin III of West Virginia, one of the last hold-out votes that Democrats need, has raised concerns about whether inflation could get worse from all of this government spending. Americans are already on edge about inflation, which is at a 13-year high.
Biden promised Friday the bills would lower costs. In the long-term, many economists agree. For example, 17 Nobel laureates in economics signed a letter saying Biden’s policies would “ease longer-term inflationary pressures.” Many of Biden’s investments — roads and transit, building more affordable homes, lower drug costs and reducing child care costs — should result in a more productive economy and lower prices. But it takes time to implement these programs, and the results may not be felt right away….
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But the details of the bills matter. Many of the tax and fee increases start right away, which should help contain inflationary pressures gripping the broader economy. The Child Tax Credit should also help alleviate the burden of higher gas, food and rent prices on low- and moderate-income families. Families earning up to $150,000 a year receive a credit of $300 a month for each child under 6 and $250 a month for each child 6 to 17. Subsidies for child care and health care should make those payments more affordable for many families….