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Thursday, August 11, 2022

Biden wins decisive vote for his star legislation against inflation and climate change

Lightning struck near the White House this Thursday and the condition of four passers-by was critical. As the city stormed, political calm rose to the Democratic ranks on Capitol Hill. Kirsten Cinema, a Democratic senator from Arizona, has agreed to cast her vote for Joe Biden’s flagship project, experiencing moments of relief amid the thunder and lightning that marked his term.

Democratic Senate Majority Leader Chuck Schumer last week won the backing of West Virginia rebel Sen. Joe Manchin III. It was a decisive move and the most famous achievement, but it could not have been anything without the vote of cinema, which were other wayward senators. This Thursday, the photojournalist’s cameras were desperately searching for him. She knew he was a hero and had made some minor concessions in exchange for his important vote.

The Senate is divided into two parts. Democrats and Republicans have 50 senators and the tie is broken by Kamala Harris, Vice President of the United States, who serves as the president of the Senate. But Democrats cannot spare a single vote. Democrats want the House of Representatives to begin discussions on the project on Saturday and Congress approve it in a few days before the August break.

dell plan original, build back better o Build back better, not enough left to name. Although the law doesn’t reduce inflation in the same way, Biden has named his flagship project the Inflation Reduction Act, knowing that rising prices are the main concern of American citizens (and voters). Just three months before the midterm election, in which a third of the Senate and the entire House of Representatives (435 seats) are renewed, Biden needs to counter that trouble.

The White House is overreacting like never before. He has sent dozens of press releases about the project in recent days, highlighting Biden’s economic agenda. “This is the only bill that can immediately reduce the cost of living for Americans,” Biden announced this Thursday at a Democratic National Committee event he attended in a teleconference from the White House, where he was held for Covid-19. being done. It is true that regulation includes measures to reduce the cost of medicines and health insurance, but it is also true that these products have minimal weighting in price indices.

the rule also encourages green energy and the purchase of electric vehicles with a promise to reduce carbon emissions by 40% by 2030. With the mobilization of 369,000 million in investments, Biden removed the thorn in the Supreme Court ruling that stripped powers from the Environmental Protection Agency for the Environment (EPA). to regulate emissions. In addition, Biden assured that it would allow the electricity bill of an average household to be reduced by $500 per year, although this remains to be seen and certainly will not happen in the short term.

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The law also imposes new taxes on big companies and the biggest fortunes, something Joe Biden even justified this Thursday: “Look, I come from the most business state in the world. Delaware contains more corporations than all other states in the country. I’m not against companies, but everyone has to pay a little bit. 55 of these largest corporations in the country paid nil in federal taxes, while making a profit of $40 billion in one year. Is not right. Everyone should give their fair share. I’m not even asking you to give me your full fair share. We are going to impose a minimum corporate tax of 15% on those fifty companies.

The tax hike will be somewhat different after the concessions introduced by cinema. To win your vote, Democrats have agreed to end a $14 billion tax increase for some asset managers. hedge funds And change the 15% minimum tax structure Biden was referring to on venture capital executives and companies. In turn, the rule would include a 1% rate on repurchase of shares by large companies. The legislation would also include funding to tackle the drought that has been punishing Arizona.

There are still some hurdles. The criterion is being approved by a special budgetary process that allows one to avoid the need for 60 votes to submit a criterion for approval, thus avoiding Republican filibustering. But the so-called lawmaker, Elizabeth McDonough, a sort of senior counsel in the Senate, must certify that the entire law meets the requirements for this process to be used. If not, further adjustments will still be necessary.

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World Nation News Desk
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