Inflation Reduction Act: The Manchin, Schumer, Biden con
The negotiated Manchin – Schumer Inflation Reduction Plan replaces the $3.5tn Build Back Better flagship infrastructure and social support legislation that Manchin crushed last fall and the reduced $1.75tn version that he rejected in December, then was renegotiating, then caused to suffer a near-death experience just weeks ago when he turned away from that too.
“I sure hope so,” Manchin told CNN’s State of the Union show on Sunday morning, when asked if the Senate would vote to approve the bill before they go on summer recess at the end of the week.
It’s “a great opportunity. It’s not a Democrat bill, it’s not a Republican bill, it’s definitely not a ‘green’ bill, it’s a red, white and blue bill,” he told host Jake Tapper.
Manchin appeared to walk away from the legislation earlier this month on inflation concerns, enraging supporters of climate action and his own colleagues on Capitol Hill. He has repeatedly thwarted his own party and was seen as jeopardizing world climate goals and, at home, Democratic political fortunes, while himself making millions in the coal industry.
He refused to support more funding for climate action and came out against tax raises for wealthy Americans to pay for it.
“There were things in there I considered could be considered inflammatory…inflation is the biggest challenge we have in our country,” he said on Sunday.
Then, he added, “we re-engaged” in negotiations.
https://www.msn.com/en-us/news/polit...b8c197c879034b
Yes, they re-engaged and Manchin received quid-pro-quo in the process.
What’s in the plan?
https://www.theguardian.com/environm...in-whats-in-it
The climate spending is part of a broader package, known as the Inflation Reduction Act, that totals $739bn. The majority of this bill, however, is dedicated to confronting the climate crisis, with $369bn dedicated to the crisis over the next 10 years.
What will people be able to access directly from this bill?
The legislation includes a tax credit worth up to $7,500 for people who want to buy a new electric car, which has until now largely been the preserve of wealthier Americans.
There is also a $9bn scheme, focused on low-income households, to electrify home appliances and make dwellings more energy efficient. Further tax credits, spread out over the next decade, will make it easier to buy heat pumps, rooftop solar and water heaters.
Disadvantaged communities that suffer the brunt of fossil fuel pollution have also been recognized, with $60bn dedicated to environmental justice projects across the US.
And the bill will not cost anyone with income of $400,000 or less an increase in taxes while lowering inflation and the national debt, and provide for all the future energy required.
An EV in every garage, solar panels on every roof, buildings and home retrofitted to make them energy efficient. Big Brother and Santa planting money trees!