Inflation? Not to worry. Congress is about to pass a $700 billion climate change bill. More spending with borrowed money at higher interest rates. Currently, we are spending annually $350 billion a year on debt servicing costs.
The left keeps talking up housing/job market, but they don’t seem to understand those are *always* lagging indicators. If the housing market collapses again, it could be a real struggle for this nation to go on as a functioning entity.
It’s the “Inflation Reduction Act of 2022”.
HOW TO PAY FOR ALL OF THIS?
The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.
It’s a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all.
The new corporate minimum tax would kick in after the 2022 tax year and raise some $313 billion over the decade.
Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade.
The bill sticks with President Biden’s original pledge not to raise taxes on families or businesses making less than $400,000 a year.
The lower drug prices for seniors are paid for with savings from Medicare’s negotiations with the drug companies.
Newsy.com