Biden infrastructure/tax increase megathread

[Buffalo Mayor Young Kim]

43 GOP Senators voted against reducing insulin prices. The Democrats will of course refuse to press this because 'when they go low we go high'.

After the parliamentarian overruled including it in reconciliation - which the administration doesn't support firing her.

While we shouldn't let the perfect be the enemy of the good, it's just another sacrifice on the altar to keep perceived "norms" and "traditions" alive. Instead of, you know, getting sh*t done.

If you destroy the reconciliation rules now, the most likely outcome is the Republican New Deal passing with 50 votes and the VP in 2025.

‘If you do things they might do things’ is still a bad argument

[Boobs]

So it's official, every single Republican senator has now voted against reducing inflation.

This bill will do the opposite

I thought it was raising crushing taxes on the poor multimillionaires (sorry ‘small businesses’)
Now it’s causing inflation.
At least try to be consistent with your copy pasted opinions.

It will do both as the only real way to reduce inflation is to increase aggregate supply and this bill does not do that. I dont think these tax provisions will really do anything to really reduce aggregate demand but the spending will further inflate the economy so yes it will increase inflation overall.

Ah, you finally got around to inserting that Intro to Macroeconomics floppy disk.

[Frodo]

And it happened on my birthday! 

https://twitter.com/ABC/status/1556361429158137856

[OSR stands with Israel]

It's extraordinary what the Democrats have been able to accomplish with such historically thin majorities in government. Compare their record to the very few achievements the Republicans were able to get from 2017 to 2019 despite having more comfortable numbers in the House and Senate and you get a very stark contrast in competence between the two parties.

From 2017-19:

- We passed the most major tax reform bill since 1986
- Passed Deregulation Bills
- Passed the First Step Act
- Passed VA Reform
- Passed a Bill to tackle the Opioid Crises

The first two of those are bad ideas, and as far as I can tell the opioid crisis continued to get worse under Trump's administration, whatever the merits of that bill.

Yes and conservatives like me think the first two bills  were great just like liberals like you think this bill is good .

[Frodo]

So once the House of Representatives passes this bill on Friday (August 12), and President Biden subsequently signs it into law, this thread can be (permanently) unstickied.  

[GeneralMacArthur]

(pg 194 - Manchin kills it)

[Okay, maybe Mike Johnson is a competent parliamentarian.]

(pg 194 - Manchin kills it)

Manchin confirmed necromancer???

[GeorgiaModerate]

(pg 194 - Manchin kills it)

Reports of its death were greatly exaggerated.

[OSR stands with Israel]

So it's official, every single Republican senator has now voted against reducing inflation.

This bill will do the opposite

I thought it was raising crushing taxes on the poor multimillionaires (sorry ‘small businesses’)
Now it’s causing inflation.
At least try to be consistent with your copy pasted opinions.

It will do both as the only real way to reduce inflation is to increase aggregate supply and this bill does not do that. I dont think these tax provisions will really do anything to really reduce aggregate demand but the spending will further inflate the economy so yes it will increase inflation overall.

Not quite. *Deficit spending, all at once* will inflate the economy. But the spending is 1) paid for and 2) spread out over many years. It will also increase long term aggregate supply by investing in the country's energy infrastructure, which will be incredibly helpful down the road. Plus it reduces the deficit right now which mathematically guarantees it reduces inflation, at least somewhat.

Fair but I think spending bills should resemble BIF or the CHIPS Act more than this bill as those bills would actually address the supply chain issues here .

My main objection to the tax provisions of this bill is it would tax small businesses as well , unless an amendment was passed that removed those provisions

[Pericles]

(pg 194 - Manchin kills it)

I never gave up hope, I always thought there was a majority in the Senate for this if they just made a deal and realized what's good for them.

[MR DARK BRANDON]

Time for a change.

[Orser67]

Not that it's everything I wanted, but I'm absolutely ecstatic about this bill, particularly the climate measures. Defeating a sitting president was no small task, and the double-win in the GA special elections was a borderline miracle. I'm hopeful that this was will have cascading effects in terms of encouraging other countries to fight climate change, and I'm also optimistic that this will do something to fight the doomerism that has become so prevalent in this country's political discourse.

B+ presidency here we come.

[Attorney General & PPT Dwarven Dragon]

(pg 194 - Manchin kills it)

Well he still killed large parts of the legislation, and Sinema and the Parliamentarian killed others. What has passed is simply the remaining shell. It's better than nothing, but it's a far cry from what was authorized under the budget the House passed a year ago or even the bill the House passed last November.

[OSR stands with Israel]

So it's official, every single Republican senator has now voted against reducing inflation.

This bill will do the opposite

I thought it was raising crushing taxes on the poor multimillionaires (sorry ‘small businesses’)
Now it’s causing inflation.
At least try to be consistent with your copy pasted opinions.

It will do both as the only real way to reduce inflation is to increase aggregate supply and this bill does not do that. I dont think these tax provisions will really do anything to really reduce aggregate demand but the spending will further inflate the economy so yes it will increase inflation overall.

Not quite. *Deficit spending, all at once* will inflate the economy. But the spending is 1) paid for and 2) spread out over many years. It will also increase long term aggregate supply by investing in the country's energy infrastructure, which will be incredibly helpful down the road. Plus it reduces the deficit right now which mathematically guarantees it reduces inflation, at least somewhat.

Fair but I think spending bills should resemble BIF or the CHIPS Act more than this bill as those bills would actually address the supply chain issues here .

My main objection to the tax provisions of this bill is it would tax small businesses as well , unless an amendment was passed that removed those provisions

Subsidiaries aren't small businesses. If PE has a stake, the business in question isn't exactly a neighborhood coffee cart.

More and more private equity companies aren't taking a majority stake though :

https://www.bcg.com/publications/2015/private-equity-minority-investments-can-less-be-more

[If my soul was made of stone]

(pg 194 - Manchin kills it)

Manchin confirmed necromancer???

If you do not open the gate for me to come in,
I shall smash the door and shatter the bolt,
I shall smash the doorpost and overturn the doors,
I shall raise up the dead and they shall eat the living:
And the dead shall outnumber the living!

[GeorgiaModerate]

https://twitter.com/EWErickson/status/1556291830052196352

[Hindsight was 2020]

https://twitter.com/EWErickson/status/1556291830052196352

Those 427,205 Georgia Republicans

[GoTfan]

Organizations that take climate change seriously think the bill is good. But people who primarily see climate change as an excuse for grifting/self-promotion or as a Trojan horse to implement their deranged ideologies (communism, de-growth, etc.) think the bill is bad. Who can say which group is right?

I was unaware I was a communist, but anyway, that 40% reduction I don't think is actually going to be enforced.

[emailking]

Inflation reduction is so close I can almost taste it!

[thetenacioustexan]

It's extraordinary what the Democrats have been able to accomplish with such historically thin majorities in government. Compare their record to the very few achievements the Republicans were able to get from 2017 to 2019 despite having more comfortable numbers in the House and Senate and you get a very stark contrast in competence between the two parties.

From 2017-19:

- We passed the most major tax reform bill since 1986
- Passed Deregulation Bills
- Passed the First Step Act
- Passed VA Reform
- Passed a Bill to tackle the Opioid Crises

The first two of those are bad ideas, and as far as I can tell the opioid crisis continued to get worse under Trump's administration, whatever the merits of that bill.

Yes and conservatives like me think the first two bills  were great just like liberals like you think this bill is good .

All true conservatives should support the repeal of the Tax Cuts and Inflation Act (aka: welfare for corporations). Trillions of dollars down the drain, I'm tired of fiscal conservatives getting scammed by businesses who want a handout.

[OSR stands with Israel]

It's extraordinary what the Democrats have been able to accomplish with such historically thin majorities in government. Compare their record to the very few achievements the Republicans were able to get from 2017 to 2019 despite having more comfortable numbers in the House and Senate and you get a very stark contrast in competence between the two parties.

From 2017-19:

- We passed the most major tax reform bill since 1986
- Passed Deregulation Bills
- Passed the First Step Act
- Passed VA Reform
- Passed a Bill to tackle the Opioid Crises

The first two of those are bad ideas, and as far as I can tell the opioid crisis continued to get worse under Trump's administration, whatever the merits of that bill.

Yes and conservatives like me think the first two bills  were great just like liberals like you think this bill is good .

All true conservatives should support the repeal of the Tax Cuts and Inflation Act (aka: welfare for corporations). Trillions of dollars down the drain, I'm tired of fiscal conservatives getting scammed by businesses who want a handout.

Corporate Tax increases will be passed on to the consumer so no

[Benjamin Frank]

It's extraordinary what the Democrats have been able to accomplish with such historically thin majorities in government. Compare their record to the very few achievements the Republicans were able to get from 2017 to 2019 despite having more comfortable numbers in the House and Senate and you get a very stark contrast in competence between the two parties.

From 2017-19:

- We passed the most major tax reform bill since 1986
- Passed Deregulation Bills
- Passed the First Step Act
- Passed VA Reform
- Passed a Bill to tackle the Opioid Crises

The first two of those are bad ideas, and as far as I can tell the opioid crisis continued to get worse under Trump's administration, whatever the merits of that bill.

Yes and conservatives like me think the first two bills  were great just like liberals like you think this bill is good .

All true conservatives should support the repeal of the Tax Cuts and Inflation Act (aka: welfare for corporations). Trillions of dollars down the drain, I'm tired of fiscal conservatives getting scammed by businesses who want a handout.

Corporate Tax increases will be passed on to the consumer so no

Most likely they will be mostly passed on to shareholders through reduced dividends or share buybacks.

[thetenacioustexan]

Yes and conservatives like me think the first two bills  were great just like liberals like you think this bill is good .

All true conservatives should support the repeal of the Tax Cuts and Inflation Act (aka: welfare for corporations). Trillions of dollars down the drain, I'm tired of fiscal conservatives getting scammed by businesses who want a handout.

Corporate Tax increases will be passed on to the consumer so no

It's irrelevant where it's passed on. As conservatives, our #1 priority should be balancing the budget to pay down the debt. Anything more than that is no more than welfare.

[7,052,770]

I'm almost tired of winning. Almost!

[Kahane's Grave Is A Gender-Neutral Bathroom]

It's extraordinary what the Democrats have been able to accomplish with such historically thin majorities in government. Compare their record to the very few achievements the Republicans were able to get from 2017 to 2019 despite having more comfortable numbers in the House and Senate and you get a very stark contrast in competence between the two parties.

From 2017-19:

- We passed the most major tax reform bill since 1986
- Passed Deregulation Bills
- Passed the First Step Act
- Passed VA Reform
- Passed a Bill to tackle the Opioid Crises

The first two of those are bad ideas, and as far as I can tell the opioid crisis continued to get worse under Trump's administration, whatever the merits of that bill.

Yes and conservatives like me think the first two bills  were great just like liberals like you think this bill is good .

All true conservatives should support the repeal of the Tax Cuts and Inflation Act (aka: welfare for corporations). Trillions of dollars down the drain, I'm tired of fiscal conservatives getting scammed by businesses who want a handout.

Corporate Tax increases will be passed on to the consumer so no

Company A gets a tax cut so they have, say, 10% more revenue. But, they already send 25% of their revenue into stock buybacks. So they could reduce costs, but instead that just bankrupts the government by giving them more and more money to give to themselves.

Look at Costco. They sell things at how much they need to be a functioning business. They are much cheaper, and the executives still made a lot of money (as it should be).

There's a difference between Capitalism and Martin Skhreli.