Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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Sen. Joe Manchin (D-W.Va.) said Wednesday he’s reached a deal with Senate Majority Leader Chuck Schumer (D-N.Y.) on a sweeping $740 billion package to increase taxes on the wealthy and invest in climate and health care while also reducing the deficit.

The agreement, now dubbed the Inflation Reduction Act, has the blessing of the White House and rescues much of the Democratic domestic policy agenda from the trash heap Manchin seemed to put it in just two weeks ago.

“Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination,” Manchin said in a lengthy statement.

The deal took official Washington by surprise ― Manchin has been at home in West Virginia this week recovering from COVID-19, and Democrats seemed set to accept a smaller health-care focused offer from Manchin. On Wednesday night, Republicans were seething over the deal’s timing while Democrats scrambled to figure out its contents.
Full article https://www.huffpost.com/entry/manchin ... 83766bafbb

Well as we are burning here and I many other parts of the world, we now know it is a cold day in hell.
Facts do not cease to exist because they are ignored.-Huxley
"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis Brandeis,

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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If Democrats wanted something to run on in November, they had to get pragmatic. With a 50/50 split in the Senate the left doesn't have the votes to impose its agenda, so the middle is where things get done and no one gets everything they want.
According to a one-page description of the legislation from Schumer and Manchin, the bill would invest $369 billion in energy security and climate change and extend the Affordable Care Act program for three years. In addition, the legislation would grant Medicare the ability to negotiate prescription drug prices.
House progressives also seemed optimistic, tweeting, "We'll need to evaluate the details, but it's promising a deal to deliver on those issues might finally be in reach."
https://www.cbsnews.com/news/manchin-sc ... care-bill/
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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GOP senator fumes that his party looks like suckers after Manchin announces surprise deal with Dems

On Thursday, Sen. John Kennedy (R-LA) appeared on Fox News to fume about the deal announced the previous night between Democratic leadership and Sen. Joe Manchin (D-WV), reviving a large reconciliation bill that would fund health care, energy, and reduce the deficit.

"They sucked Republican votes up like a Hoover Deluxe and then got their votes and then bam, announced this new tax increase," said Kennedy. "We look like a bunch of – well, I’m not going to say what we look like."

At issue is that the announcement of the deal came immediately after Republicans had cast their votes for the CHIPS Act, a bill that would fund the creation of semiconductors in the United States to reduce dependence on China for electronics.
Full article here. https://www.rawstory.com/manchin-reconciliation-bill/

Not the first time the Repugs have looked like suckers. They have played the sucker so many times, even if I took my shoes off I still wouldn't have enough digits to count them all. But The Orange Swindler is still playing them as the best suckers, starting when he ran for president the first time and got elected. TOS is a great con-man he leaves just enough that his victims will continue to play and be fleeced again and again.
Facts do not cease to exist because they are ignored.-Huxley
"We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both." ~ Louis Brandeis,

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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A day after Sen. Joe Manchin (D-W.Va.) stunned Washington by endorsing hundreds of billions of dollars for President Biden’s domestic agenda, House Democrats are rallying behind the nascent package as a crucial — if incomplete — strategy for tackling the climate crisis and easing working class economic strains. Across the broad spectrum of the diverse caucus, Democratic lawmakers are praising the surprise arrival of Manchin’s proposal, saying it takes great strides to help ensure health care access, fight climate change and bring fairness to the tax code. “This would be a really significant victory for the country,” said Rep. Pramila Jayapal (D-Wash.), head of the Congressional Progressive Caucus, who has sparred with Manchin for months over the fate of the bill. “I’m excited — I feel good about feeling excited today.”

The emerging legislation — which features $369 billion for new climate-minded energy programs and more than $450 billion in new tax revenue — represents only a fragment of the $2.2 trillion dollar package House Democrats had passed through the lower chamber last November. But with Manchin standing in the way of that Build Back Better legislation — and then repeatedly beating back a series of smaller packages in the months since then — Democrats of all stripes had been reluctantly resigned to the idea that November’s midterms would arrive without a deal.
t this point in the game, we thought it was deeply buried in the ground. So to have it resurrected with, I think, more than people had expected to see, I’m happy with that,” said Rep. Mark Pocan (D-Wis.), a former co-chair of the Progressive Caucus. “Having gone through ‘Mount Manchin’ is substantial.” On Thursday afternoon, Schumer reached out to a number of House Democrats, detailing the specifics of the massive proposal and laying out the process by which they hope to get it to Biden’s desk in the coming weeks. Rep. Joyce Beatty (D-Ohio), head of the Congressional Black Caucus, was among those lawmakers who spoke with the Senate Democrat leader. Afterwards, she predicted the proposal would sail through the House, saying she’d seen no signs of defections in the ranks. “Everybody on my side would like more, but I think we’re at a very comfortable and good place for our constituents — and for us to vote on it,” she said. “I have not received any glaring flame that would make me concerned about people not being supportive.”
An early impediment could be Sen. Kyrsten Sinema (Ariz.), another centrist Democrat who has opposed a key provision of Manchin’s proposal: closing the carried interest loophole, which allows certain wealthy professionals, like hedge fund managers, to pay lower taxes than even much lesser paid workers. Sinema has not yet commented publicly on the legislation. Another sticking point could be the cap on the federal deduction allowed for state and local taxes, known as SALT. Republicans, in their 2017 tax overhaul, limited that deduction to $10,000, drawing howls from those lawmakers representing high-taxed blue states, who have fought to lift that cap ever since — something Manchin’s proposal does not do.
https://thehill.com/homenews/house/3578 ... chin-deal/
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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R's thought they had WV Joe in their pocket. Again, let's see what gets signed, but the maga types are whining big time.

https://freerepublic.com/focus/f-news/4081761/posts

It's not my normal self to relish in the cries and lamentations of the self-owned. So be it.

CDFingers
Crazy cat peekin' through a lace bandana
like a one-eyed Cheshire, like a diamond-eyed Jack

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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Sen. Joe Manchin (D-W.Va.) and Senate Majority Leader Charles Schumer (D-N.Y.) reached their agreement on a major tax and climate package Tuesday evening but kept it a closely guard secret — giving Democrats just enough time to pass a $280 billion chips and science bill that Republicans would have otherwise blocked. The announcement of the deal, which would raise $739 billion in new tax revenue, fund an array of new climate provisions and pay down $300 billion of the federal deficit, came as a complete surprise to their Senate colleagues.
It was all the more surprising because less than two weeks earlier, the talks between Schumer and Manchin fell apart in dramatic fashion, when Schumer signaled he would proceed with a scaled-down budget reconciliation bill that included only prescription drug reform and a two-year extension of expiring Affordable Care Act subsidies. Manchin admitted Thursday morning that he and Schumer lost their tempers in a heated discussion on July 14 when the Democratic leader accused him of “walking away” from a deal after months of negotiations.
Republicans who voted for tens of billions of dollars for the domestic semiconductor manufacturing industry and the National Science Foundation were outraged and felt betrayed. Sen. John Cornyn (R-Texas), a key player in getting the chips and science bill passed, said he received “assurance privately from some Democrats, including the staff of the Senate majority leader, that the tax and climate provisions were off the table,” which Republicans said would be a precondition for moving the chips bill.
Schumer noted that the talks with Manchin broke down on July 14 but that Manchin “came to visit me” the following week. “Manchin requested a meeting with me on the 18th and he said, ‘Can we work together and try to put together a bill?’ I said as long as we finish it in August, we’re not waiting until September,” he said. Manchin said his staff took the lead at that point. “It was me and my staff and then we worked with Schumer’s staff. My staff was driving it, we wrote the bill. Schumer’s staff would look at it, we’d negotiate,” he told West Virginia radio host Hoppy Kercheval Wednesday morning. He said his staff shaved about $400 billion to $500 billion in other revenue-producing tax reforms from the bill. “There was a lot more revenue in there before that,” he said, explaining how the bill changed after he and Schumer blew up at each other. By Tuesday evening they agreed to setting a 15 percent corporate minimum tax on companies with profits in excess of $1 billion, beefing up IRS enforcement of tax compliance and closing the carried interest loophole that allows asset managers to pay capital gains tax rates on income earned from profitable investments.
https://thehill.com/homenews/senate/357 ... -betrayed/

The Democrats are calling the bill "The Inflation Reduction Act of 2022" and the Republicans are calling it the "Build Back Broke" bill.

Total raised: $739 billion
$313 billion — The legislation will raise revenues in part by imposing a corporate minimum tax of 15 percent.

$288 billion — The agreement calls for prescription drug pricing reform, which will allow Medicare to negotiate drug prices. Out-of-pocket costs will be capped at $2,000, the agreement summary says.

$124 billion — This revenue will be raised through Internal Revenue Service tax enforcement.

$14 billion — The two senators said the bill would raise these funds by closing the carried interest loophole. In the agreement, they note that there will be no new taxes imposed on families making $400,000 or less and that they are making the “biggest corporations and ultra-wealthy pay their fair share.”

Total investments: $433 billion
$369 billion — The legislation would contribute this amount in energy and climate provisions, which Manchin and Schumer said would “invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030.”

$64 billion — The remaining investment is the estimated cost of three years of subsidies for Affordable Care Act premiums — an increase from the two-year extension Manchin had originally agreed to.
https://www.politico.com/news/2022/07/2 ... l-00048356

Every faction didn't get everything they wanted, but everyone got something.
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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In a US Senate divided 50/50, Manchin, Sinema and Tester are king makers just like Collins, Murkowski and Romney were king makers when Republicans held the majority. The DNC wants results, something to run on in November and Manchin gave it to them. If the DNC wants to stop funding seats in WV, AZ (2 seats) and MT, welcome to a permanent minority status.
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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The DNC is funding fringe GOP candidates in the form of ads against the extremists. I think this may back fire as usual.
Fringe GOP candidates who are struggling in primaries are getting temporary aid from unusual allies. Democrats are spending tens of millions of dollars on ads in Republican primaries depicting the more radical contender as too conservative—which may be an effective attack in a general election but appeals to Republican voters in primaries. The upside for Democrats is that it can lead the GOP to nominate candidates who are less attractive to swing voters in November.

They’re using this strategy to meddle in the June 28 GOP primaries for governor of Illinois and for U.S. senator and governor in Colorado.
https://www.wsj.com/articles/democrats- ... 1655326924
“The only thing necessary for the triumph of evil is for good men to do nothing,”

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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As I've mentioned in past - I voted for Ted Cruz in primary in his first go thinking no one would elect the sleazebag in general. Bit me in the ass and taught me a valuable lesson.
"Being Republican is more than a difference of opinion - it's a character flaw." "COVID can fix STUPID!"
The greatest, most aggrieved mistake EVER made in USA was electing DJT as POTUS.

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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highdesert wrote: Fri Jul 29, 2022 11:06 am
CDFingers wrote: Fri Jul 29, 2022 11:01 am Sausage making at its finest, showing once again that democracy is a messy business.

CDFingers
Exactly, democracy is very messy but superior to all other forms of government.
Truth be told I'd like to tweak ours a bit here and there, but I've found no better governmental system. Now, economics is a different thing. Capitalism just eats up too many people.

CDFingers
Crazy cat peekin' through a lace bandana
like a one-eyed Cheshire, like a diamond-eyed Jack

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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CDFingers wrote: Fri Jul 29, 2022 1:52 pm
highdesert wrote: Fri Jul 29, 2022 11:06 am
CDFingers wrote: Fri Jul 29, 2022 11:01 am Sausage making at its finest, showing once again that democracy is a messy business.

CDFingers
Exactly, democracy is very messy but superior to all other forms of government.
Truth be told I'd like to tweak ours a bit here and there, but I've found no better governmental system. Now, economics is a different thing. Capitalism just eats up too many people.

CDFingers
I don’t think I’m represented at all in this country. In the Finnish system I would be due to the way multiple parties participate in the legislature and in the cabinet.
Image
Image

"Resistance is futile. You will be assimilated!" Loquacious of many. Texas Chapter Chief Cat Herder.

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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sikacz wrote: Fri Jul 29, 2022 4:07 pm
CDFingers wrote: Fri Jul 29, 2022 1:52 pm
highdesert wrote: Fri Jul 29, 2022 11:06 am
CDFingers wrote: Fri Jul 29, 2022 11:01 am Sausage making at its finest, showing once again that democracy is a messy business.

CDFingers
Exactly, democracy is very messy but superior to all other forms of government.
Truth be told I'd like to tweak ours a bit here and there, but I've found no better governmental system. Now, economics is a different thing. Capitalism just eats up too many people.

CDFingers
I don’t think I’m represented at all in this country. In the Finnish system I would be due to the way multiple parties participate in the legislature and in the cabinet.
Well being a dual citizen you can always move back to finland eh?
“The only thing necessary for the triumph of evil is for good men to do nothing,”

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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sikacz wrote: Fri Jul 29, 2022 4:07 pm
CDFingers wrote: Fri Jul 29, 2022 1:52 pm
highdesert wrote: Fri Jul 29, 2022 11:06 am
CDFingers wrote: Fri Jul 29, 2022 11:01 am Sausage making at its finest, showing once again that democracy is a messy business.

CDFingers
Exactly, democracy is very messy but superior to all other forms of government.
Truth be told I'd like to tweak ours a bit here and there, but I've found no better governmental system. Now, economics is a different thing. Capitalism just eats up too many people.

CDFingers
I don’t think I’m represented at all in this country. In the Finnish system I would be due to the way multiple parties participate in the legislature and in the cabinet.
Well being a dual citizen you can always move back to finland eh?
“The only thing necessary for the triumph of evil is for good men to do nothing,”

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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sikacz wrote: Fri Jul 29, 2022 4:07 pm
CDFingers wrote: Fri Jul 29, 2022 1:52 pm
highdesert wrote: Fri Jul 29, 2022 11:06 am
CDFingers wrote: Fri Jul 29, 2022 11:01 am Sausage making at its finest, showing once again that democracy is a messy business.

CDFingers
Exactly, democracy is very messy but superior to all other forms of government.
Truth be told I'd like to tweak ours a bit here and there, but I've found no better governmental system. Now, economics is a different thing. Capitalism just eats up too many people.

CDFingers
I don’t think I’m represented at all in this country. In the Finnish system I would be due to the way multiple parties participate in the legislature and in the cabinet.
Well being a dual citizen you can always move back to finland eh?
“The only thing necessary for the triumph of evil is for good men to do nothing,”

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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tonguengroover wrote: Fri Jul 29, 2022 11:56 am The DNC is funding fringe GOP candidates in the form of ads against the extremists. I think this may back fire as usual.
Fringe GOP candidates who are struggling in primaries are getting temporary aid from unusual allies. Democrats are spending tens of millions of dollars on ads in Republican primaries depicting the more radical contender as too conservative—which may be an effective attack in a general election but appeals to Republican voters in primaries. The upside for Democrats is that it can lead the GOP to nominate candidates who are less attractive to swing voters in November.

They’re using this strategy to meddle in the June 28 GOP primaries for governor of Illinois and for U.S. senator and governor in Colorado.
https://www.wsj.com/articles/democrats- ... 1655326924

I posted a similar article on another thread.
Members of the House Jan. 6 committee are divided on whether to condemn the growing trend of Democrats meddling in GOP primaries to boost pro-Trump election deniers — a tactic designed to secure more favorable matchups in the general election. The committee has spent the last year warning that former President Trump and his allies — including candidates running in this year's midterms — are endangering American democracy by casting doubt on the legitimacy of the 2020 election. Critics say the message that "this is bigger than politics" and "country before party" — reinforced in the committee's blockbuster summer hearings — is at risk of being undermined. Public backlash intensified yesterday when it emerged that the Democratic Congressional Campaign Committee is boosting an election denier in his primary against Rep. Peter Meijer (R-Mich.) — one of 10 House Republicans who voted to impeach Trump for his role in the Jan. 6 Capitol riot.

The move is just one of many examples of how official House and Senate campaign arms, as well as outside Democratic groups, have spent millions on ads painting certain Republicans as "too conservative" or close to Trump — a sleight of hand "attack" that often aligns with the candidate's own messaging. "The DCCC is playing with fire. It undercuts the great work of the Jan. 6 committee and makes us look like hypocrites," one Democratic member of Congress told Axios. Rep. Sean Patrick Maloney (D-N.Y.), the chair of the DCCC, said on MSNBC on Tuesday morning: "If you're talking about trying to pick your opponent, you might see us do that, sure. And I think sometimes it does make sense." Rep. Liz Cheney (R-Wyo.), vice chair of the committee, told Axios: "No party, Democrat or Republican, should be promoting candidates who perpetuate lies about the 2020 election and try to undermine our democracy. We all have a responsibility and obligation to put our duty to the country above partisan politics."
Rep. Jamie Raskin (D-Md.) took a more nuanced approach to the question, telling Axios that he "can see both sides of the argument": "One can certainly understand an argument that it's categorically wrong to do anything that would objectively help insurrectionist election deniers. But in the real world of politics, one can also see an argument that if the pro-insurrectionist, election-denier wing of the Republican caucus is already dominant, then it might be worth it to take a small risk that another one of those people would be elected, in return for dramatically increasing the chances that Democrats will be able to hold the House against a pro-insurrectionist, election-denying GOP majority. Jean-Paul Sartre said that in politics we all have dirty hands up to our elbows. Nobody's pure. And we are in desperate times to defend democratic institutions and practices." For the record: Rep. Adam Schiff (D-Calif.) declined to comment for this story. Committee chairman Rep. Bennie Thompson (D-Miss.) and Reps. Zoe Lofgren (D-Calif.) and Pete Aguilar (D-Calif.) did not respond to multiple requests for comment. In a competitive Republican primary, Democrats sharpening a candidate's conservative credentials — including by highlighting their refusal to accept Joe Biden won the 2020 election — can go a long way in turning out members of the base that still overwhelmingly support Trump.

But as some critics pointed out after the Meijer intervention, boosting those candidates with major spending from the Democratic Party itself could backfire. David Axelrod, senior adviser to former President Obama, put it this way: "Republican [Peter Meijer] placed his young political career at risk by voting to impeach Trump. Disappointing that Ds are trying to help Trump exact vengeance." Rebecca Katz, an adviser to Pennsylvania Senate candidate John Fetterman and other progressives, plainly stated what many Democrats fear: "In this year of all years, do we really think there is absolutely no way this could possibly backfire in November?"
https://www.axios.com/2022/07/27/jan-6- ... -primaries

Guess everything is fair in love, war and politics. Neither party has clean hands - Democrats don't all have halos and Republicans don't all have horns.
"Everyone is entitled to their own opinion, but not their own facts." - Daniel Patrick Moynihan

Re: Joe Manchin Agrees To Sweeping Legislation To Raise Taxes On Wealthy, Invest In Climate

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I just wish we were an actual democracy rather than a republic. Our representative system isn't serving the little guy very well at all. Since the US was the first to go down the democracy path, they decided to skip democracy and go straight to democracy light; which is what our governmental system is now. That was fine when we were the only one doing it, but now that there are democracies all over the globe, our system looks a bit out of date...because it is. Europe has flatly left us in the dust on the democracy front. As a result they tend to have higher pay and better working conditions, and a WHOLE lot more time off.
“I think there’s a right-wing conspiracy to promote the idea of a left-wing conspiracy”

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