Capital Recovery- Inflation Reduction Act

 

Photo from politomix.com archives
By Doron Brooks- KABS-ESTL News


The Pennacle of Debate


St Louis(KABS-ESTL)- On Wendnesday August 4th day in 2022, Senate Majority leader Chuck Schumer and Senator Joe Manchin announced an deal agreement geared towards deficit reduction and an investment in the climate change and health care work sectors.

The “Inflation Reduction Act” lasted a grueling 17 hours, with passage spreading over a large area of voters from within the United States Senate, when it comes to the legislative principle deal “Build Back Better” the notion is aforethought malice, D.O.A. Dead on arrival, the bill was termed “Dead” by Joe Manchin (D-W.VA)

The bill cuts the deficit by extending the Affordable Care Act subsidies, empowering Medicare workers to negotiate prescription drug prices, increasing domestic energy production, and addressing climate change. The bill would also impose a 15% percent minimum tax on conglomerate corporations and close the carried interest loophole, priorities of progressives such as U.S, Senator Elizabeth Warren, who approvingly noted its inclusion to reporters on Tuesday.

The bill provides economic reform in regard to the economic agenda that was quashed by the GOP, this setback delayed a portion of agreement, The GOP stripped the bill inclusion of the $35.00 cap on privately insured diabetic patients, The Democratic Party preserved a provision that fosters the cap within the scope of senior citizens. A community of interest that addressed some our the United States main priorities months ahead of mid-term elections.

Manchin said on Wednesday that he had seen the opportunity to address areas such as, inflation and energy security that propelled him to keep the negotiations actively ongoing. “All of you might be surprised, but there should be no surprise, because I’ve never walked away from anything in my life,” Manchin (R-WVA) who is currently on active Covid-19 quarantine status.
 
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 The bill is no extension of the expanded child tax credit, which lifted 3.7 million children out of poverty in December. There are also no childcare provisions, despite rising costs, and no paid parental or medical leave, even though the United States is the only developed country in the world without a national paid leave program. There is nothing on affordable housing, universal pre-kindergarten, or free community college.

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