If this has been posted elsewhere please lock. Anybody know what the increased taxes on small business will be??

Sen. Joe Manchin announced Wednesday that he came to an agreement with Senate Majority Leader Chuck Schumer on a reconciliation bill, after more than a year of negotiations among Democrats.

Manchin, D-W.Va., frustrated Democrats for months, consistently refusing to support party-line legislation that at one point Democrats wanted to cost over $3 trillion. Democrats termed that legislation "Build Back Better," and Manchin shut down negotiations on it late last year.

But with Democrats grasping for a legislative win ahead of the midterms, Schumer, D-N.Y., kept up talks directly with Manchin through the spring and summer. In a lengthy statement, the moderate senator said Wednesday those talks resulted in a deal for a slimmed-down bill that includes tax, climate and prescription drug provisions.


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Sen. Joe Manchin, D-W.Va., announced Wednesday that he and Majority Leader Chuck Schumer, D-N.Y., reached a deal on a tax and spending deal they plan to pass via reconciliation. (Anna Moneymaker/Getty Images)



"For too long, the reconciliation debate in Washington has been defined by how it can help advance Democrats political agenda called Build Back Better," Manchin said. "Build Back Better is dead, and instead we have the opportunity to make our country stronger by bringing Americans together."

Democrats are using a process called budget reconciliation to advance the legislation, which allows them to get around the Senate filibuster with just 50 votes. As long as all Democrats avoid catching COVID-19 and are present and able to vote for the bill, they likely have the votes to get the legislation across the finish line.

DEMS SLAM ‘LUCY MANCHIN’ FOR BLOCKING CLIMATE LEGISLATION, BUT DON'T WANT TO KICK HIM OUT OF PARTY

Manchin said in his statement that the bill will have a minimum 15% tax on companies worth more than $1 billion and invests in several forms of energy, including fossil fuel, nuclear and renewables. This is on top of agreements Democrats previously came to on prescription drugs and extending subsidies included in the Affordable Care Act (ACA).



Senate Majority Leader Chuck Schumer of N.Y., negotiated directly with Sen. Joe Manchin, D-W.Va., for months on a slimmed-down reconciliation deal. (AP Photo/Mariam Zuhaib)

"I now propose and will vote for the Inflation Reduction Act of 2022. 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," Manchin said.

"President Biden, Leader Schumer and Speaker Pelosi have committed to advancing a suite of commonsense permitting reforms this fall," he also said.


According to Schumer's and Manchin's offices, the bill will raise $739 billing in revenue through IRS tax enforcement, the corporate minimum tax, IRS tax enforcement and closing the carried interest loophole. It will spend $433 billion total, they said, on energy and climate change provisions and on the ACA extension.

Manchin and his opposition to Democrats' expensive reconciliation proposals frustrated liberal Democrats for months. But at least one progressive said Wednesday she is happy with the Manchin deal.

Sen. John Cornyn, R-Texas, backed a GOP move to block a Senate China bill while Democrats were still pursuing a reconciliation bill. But hours after the Senate passed the China bill, Democrats announced a reconciliation deal and said they plan to move ahead with it.
Sen. John Cornyn, R-Texas, backed a GOP move to block a Senate China bill while Democrats were still pursuing a reconciliation bill. But hours after the Senate passed the China bill, Democrats announced a reconciliation deal and said they plan to move ahead with it. (Photo by Brandon Bell/Getty Images)

"It makes me very hopeful that Senator Manchin is announcing a deal," said Sen. Elizabeth Warren, D-Mass., when asked if she was confident reconciliation was actually moving forward.

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Republicans, meanwhile, criticized the deal, which was announced just hours after the Senate passed a bill on competition with China. Senate Majority Leader Mitch McConnell, R-Ky., had threatened to kill the China bill if Democrats continued to move forward with reconciliation.

"Senate Democrats can change the name of Build Back Broke as many times as they want, it won’t be any less devastating to American families and small businesses,," Sen. John Cornyn, R-Texas, said. "Raising taxes on job creators, crushing energy producers with new regulations, and stifling innovators looking for new cures will only make this recession worse, not better."

"With inflation at a 41-year high and a looming recession, Democrats want higher taxes, more government spending, and to attack American energy," Senate GOP Conference Chair John Barrasso, R-Wyo., added. "So much for helping American families."


This is a developing story, please check back for updates.


LINK: https://www.foxnews.com/politi...more-than-year-talks
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This message has been edited. Last edited by: ZSMICHAEL,

I was desperately hoping these people wouldn't further harm the country before November. I guess we'll find out how rough of a beating we have coming.

quote:

extending subsidies included in the Affordable Care Act (ACA).

This is a biggie for DEMs. Otherwise obamacare policies cost much more to the people buying them, versus the increased cost being picked up by the American taxpayers

This is seriously bad news for us.

quote:

Originally posted by ZSMICHAEL:

"...I now propose and will vote for the Inflation Reduction Act of 2022. 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," Manchin said...

Sure.

Say it ain't so, Joe. Until today I respected you.

Are they going to print up Build Back Better hats and shirts for the signing ceremony? Sure to be a collectors item someday, as they're very rare.

This is totally fucked.

Damn Joe, just when I can almost trust him he reverts!

So if I follow, this bill will spend billions on BS liberal agenda items (aka Inflation explosion), and increase taxes on an economy currently on its knees. Stupid just doesn't quite seem to cover it. Apparently recession isn't good enough for these morons, they've opted to shoot for depression instead.

And does Manchin pulling this crap really surprise anyone? Come on.

Manchin seemed to be using common sense up until now. This will ensure inflation continues to rise and inevitably cost hard working people their jobs. Thanks a lot, asshole.

Wonder what Chuckie gave Joey to support this bullshit.

This Inflation Reduction Act will reduce inflation just as well as the “Affordable” Care Act made health insurance affordable

The IRS money, about $80 billion over a decade, would roughly double the size of the agency and be aimed at tougher enforcement, particularly on high-income households and corporations.

quote:

Originally posted by gearhounds:
Manchin seemed to be using common sense up until now. This will ensure inflation continues to rise and inevitably cost hard working people their jobs. Thanks a lot, asshole.

How do you think the climate change aspects of this bill will impact West Virginia and coal country. I think he just screwed everyone including his own state.

This is why you can never ever trust the Left. They will always revert to their basic instinct, which is to tax and spend and expand gov't., no matter what. It's as immutable as gravity. Think I ever trusted Kyrsten Sinema just because she pretends to be a conservative? Hell to the no. She is a GDC and Manchin is no better. Eff them.

Manchin is a politician. He has bolstered his credibility so much by putting the brakes on the Democrats stupid, that he is now bullet proof in West Virginia. The fact that he's so popular at home affords him the opportunity to do whatever he wants. He took whatever they were offering because he could.

It's clear to me that Manchin had a number he could be purchased for and the Dems finally found it, just in time to give Biden a "win" 3 months before the mid-terms.

Look deeper into the people in Joe Manchin’s life that are tied to the healthcare industry. There you will find the familial beneficiaries of the deal. “Besides being Joe Manchin’s daughter, Heather Manchin Bresch, born 1969, spent several years as the CEO of Netherlands-based pharmaceutical company Mylan. She held the post from 2012, but stood down in November 2020, as a result of the company’s merging with Pfizer’s Upjohn outfit. Upon assuming the role, Heather Manchin became the first woman to run a Fortune 500 pharmaceutical company.”

The scheming strategery of Joe Manchin is as predictable as the scheming strategery of Mitch McConnell.

The two wings of the UniParty duck seem still on the surface. This type of ploy is exactly how DC is able to operate, paddling forward furiously, just below the surface; and almost no one can see what is happening.

https://theconservativetreehou...-agents/#more-235783

Somebody please explain to me how printing and handing out another $3 trillion worthless dollars is going to bring DOWN inflation?

People need to start going to jail for deliberately driving this country into a dumpster.

Good for the electronic wheelbarrow companies
I see where the pending release of 30 Terrabite hard drive
followed by 50TB soon. Just in time to haul all the vaporware 0s to account
for our New Poverty Enhancent Act.