They didn’t do that. Like, you’re coming in Monday Morning QBing and they never did what you’re saying. First off, Republicans would paint anything as wasteful. Second, the media focused on the number - not them. Third, Manchin and Sinema used right wing talking points to crash the bill.
Inflation Reduction Act: 8/12/22 - $740B Bill PASSES, Biden signs it into law!
- Thread starter FAH1223
- Start date
They didn’t market it as that bro. Don’t be ridiculous. Bernie Sanders of all people didn’t go around saying hey here’s 3.5 trillion I’m about to spend and I won’t tell you what it’s about and I’m putting that number front and center. If you actually think that a tweet in response to an article is the Democratic strategy then you’re misremembering at best. Further, it wasn’t Republican attacks that sunk the bill - it was Democratic attacks.
Like you said, it's only 2021, there's still plenty of time for a rising star in the Dem party to become known. It's not like Obama was some big time Democratic star in 2005 or 2006.
Personally I just don't think incumbency is an advantage the same way it used to be. Not to mention Biden's age is going to be an issue for a lot of people. Dems need someone that'll motivate young and nonwhite voters.
ZoeGod
I’m from Brooklyn a place where stars are born.
His poll numbers is really bad. Obama and Clinton had high approval ratings and they had a strong support in the Democratic base. That’s what propelled them to win their second terms. Biden’s enthusiasm with the Democratic base is collapsing and support with independents is getting really bad. He has time to fix this but he has to do it ASAP. One thing I’ll say is that Biden has a better chance to win in 2024 than Kamala. She is Hillary 2.0 with so much baggage. She should forget about running for President because she will get crushed.
This MF been spittin more than usualThe last admin failed at passing infrastructure for an entire term despite listing it as a priority.
Passing the BIF was less about riling up the base and more about showing you can effectively govern. The alternative, as you put it, means you can't stock your bathrooms and that means you're a failure.
You pass the BIF. Throw a party.
Pass the BBB. Throw a party.
Address student debt. Throw a party.
Then you go back on 2022 showing that you're willing and capable of governing.
If Americans reject that for white angst or black apathy thenAmericans were never serious about democracy or building a better country in the first place.
OfTheCross
Veteran
What's in the House's Build Back Better Act?
The House is poised to vote this month on an updated version of the Build Back Better reconciliation legislation. Based on preliminary figures from the White House, the Joint Committee on Taxation (JCT), and the Congressional Budget Office (CBO), we estimate the latest version of the bill includes roughly $2.4 trillion of spending increases and tax cuts through 2031 along with $2.2 trillion of offsets. The result is a roughly $200 billion deficit increase over ten years. The actual deficit increase could be smaller to the extent that immigration reform is less costly, and some appropriated funds are spent beyond 2031. However, extending temporary provisions in the bill could add $2 trillion to $2.5 trillion to the total cost.
What's in the Build Back Better Act?
Policy Cost/Savings (-)
Family Benefits $585 billion
Provide universal pre-k & establish an affordable child care program (6 years) $390 billion
Establish a paid family and medical leave program $195 billion
Climate & Infrastructure $555 billion
Invest in clean energy & climate resilience $220 billion
Establish or expand clean energy & electric tax credits $190 billion
Establish or expand clean fuel & vehicle tax credits $60 billion
Establish or expand other climate-related tax benefits $75 billion
Enact infrastructure & related tax breaks $10 billion
Individual Tax Credits & Cuts $210 billion
Extend Child Tax Credit (CTC) increase to $3,000 ($3,600 for kids under 6) for one year $130 billion
Make CTC fully refundable for 2023 & beyond $55 billion
Extend expanded Earned Income Tax Credit (EITC) for one year $15 billion
Other individual tax changes $10 billon
Health Care $335 billion
Strengthen Medicaid home- and community-based services $150 billion
Extend expanded Affordable Care Act (ACA) premium tax credits & make premium tax credits available to those in Medicaid coverage gap through 2025 $125 billion
Establish Medicare hearing benefit $30 billion
Invest in the health care workforce $30 billion
Other Spending & Tax Cuts $310 billion
Build & support affordable housing $170 billion
Increase higher education & workforce spending $40 billion
Other spending & investments $100 billion
Reduce or Delay TCJA Base Broadening $290 billion
Increase SALT deduction cap to $80,000 through 2025 $285 billion+
Delay amortization of research & experimentation expenses until 2026 $5 billion'
Enact Immigration Reform ~$100 billion
Subtotal, Build Back Better Act Spending & Tax Breaks $2.4 trillion
Increase Corporate Taxes -$830 billion
Impose a 15 percent domestic minimum tax on large corporations -$320 billion
Impose a 15 percent global minimum tax & reform international taxation -$280 billion
Impose a 1 percent surcharge on corporate stock buybacks -$125 billion
Enact other corporate tax reforms -$105 billion
Increase Individual Taxes on High Earners -$640 billion
Expand the 3.8 percent Net Investment Income Tax -$250 billion
Impose a 5 percent surtax on income above $10 million & an 8 percent surtax on income above $25 million -$230 billion
Extend and expand limits on deductibility of business losses -$160 billion
Other Revenue -$170 billion
Reduce the tax gap by funding IRS & other measures -$125 billion*
Reinstate superfund taxes on oil -$25 billion
Expand nicotine taxes -$10 billion
Reform tax treatment of retirement accounts -$10 billion
Health Care -$250 billion
Repeal Trump Administration drug rebate rule -$150 billion
Reform Part D formula, cap drug price growth, & allow targeted drug price negotiations -$100 billion
Establish $80,000 SALT deduction cap from 2026 through 2030 & $10,000 cap in 2031 -$300 billion+
Subtotal, Build Back Better Act Offsets -$2.2 trillion
Net Deficit Increase, House Build Back Better Act $200 billion
The House is poised to vote this month on an updated version of the Build Back Better reconciliation legislation. Based on preliminary figures from the White House, the Joint Committee on Taxation (JCT), and the Congressional Budget Office (CBO), we estimate the latest version of the bill includes roughly $2.4 trillion of spending increases and tax cuts through 2031 along with $2.2 trillion of offsets. The result is a roughly $200 billion deficit increase over ten years. The actual deficit increase could be smaller to the extent that immigration reform is less costly, and some appropriated funds are spent beyond 2031. However, extending temporary provisions in the bill could add $2 trillion to $2.5 trillion to the total cost.
What's in the Build Back Better Act?
Policy Cost/Savings (-)
Family Benefits $585 billion
Provide universal pre-k & establish an affordable child care program (6 years) $390 billion
Establish a paid family and medical leave program $195 billion
Climate & Infrastructure $555 billion
Invest in clean energy & climate resilience $220 billion
Establish or expand clean energy & electric tax credits $190 billion
Establish or expand clean fuel & vehicle tax credits $60 billion
Establish or expand other climate-related tax benefits $75 billion
Enact infrastructure & related tax breaks $10 billion
Individual Tax Credits & Cuts $210 billion
Extend Child Tax Credit (CTC) increase to $3,000 ($3,600 for kids under 6) for one year $130 billion
Make CTC fully refundable for 2023 & beyond $55 billion
Extend expanded Earned Income Tax Credit (EITC) for one year $15 billion
Other individual tax changes $10 billon
Health Care $335 billion
Strengthen Medicaid home- and community-based services $150 billion
Extend expanded Affordable Care Act (ACA) premium tax credits & make premium tax credits available to those in Medicaid coverage gap through 2025 $125 billion
Establish Medicare hearing benefit $30 billion
Invest in the health care workforce $30 billion
Other Spending & Tax Cuts $310 billion
Build & support affordable housing $170 billion
Increase higher education & workforce spending $40 billion
Other spending & investments $100 billion
Reduce or Delay TCJA Base Broadening $290 billion
Increase SALT deduction cap to $80,000 through 2025 $285 billion+
Delay amortization of research & experimentation expenses until 2026 $5 billion'
Enact Immigration Reform ~$100 billion
Subtotal, Build Back Better Act Spending & Tax Breaks $2.4 trillion
Increase Corporate Taxes -$830 billion
Impose a 15 percent domestic minimum tax on large corporations -$320 billion
Impose a 15 percent global minimum tax & reform international taxation -$280 billion
Impose a 1 percent surcharge on corporate stock buybacks -$125 billion
Enact other corporate tax reforms -$105 billion
Increase Individual Taxes on High Earners -$640 billion
Expand the 3.8 percent Net Investment Income Tax -$250 billion
Impose a 5 percent surtax on income above $10 million & an 8 percent surtax on income above $25 million -$230 billion
Extend and expand limits on deductibility of business losses -$160 billion
Other Revenue -$170 billion
Reduce the tax gap by funding IRS & other measures -$125 billion*
Reinstate superfund taxes on oil -$25 billion
Expand nicotine taxes -$10 billion
Reform tax treatment of retirement accounts -$10 billion
Health Care -$250 billion
Repeal Trump Administration drug rebate rule -$150 billion
Reform Part D formula, cap drug price growth, & allow targeted drug price negotiations -$100 billion
Establish $80,000 SALT deduction cap from 2026 through 2030 & $10,000 cap in 2031 -$300 billion+
Subtotal, Build Back Better Act Offsets -$2.2 trillion
Net Deficit Increase, House Build Back Better Act $200 billion
Hood Critic
The Power Circle
This is false and it's not "Morning QBing". They touted the top line number when they were going back and forth and settled on the $3.5T number. Their intention was to showcase that BBB would be the largest single piece of transformative legislation introduced that would directly impact the people. Their heart was in the right place but they failed in the execution.
CFRB already getting ahead of the CBO
They say $200 billion added to the deficit over 10 years while the Joint Tax Committee said $200 billion in surplus over 10 years.
Couple Q’s for ya man going off the title change.
Did manchin and sinema greenlight BBB depending if it hits a certain cbo score? And if so what’s that score?
Only Manchin said he wants to see a CBO score plus the Gottheimer gang in the House.
It’s another delay tactic. The House coulda passed BBB this weekend and the Senate could get started on passing it there to send back to the House for final passage
OfTheCross
Veteran
200B is a good number.
If they're not stupid, they'll already have a plan of what to cut from the plan to make it balance.
$20B a year ain't shyt to get rid off in order to pass the other $2T of the plan
That bill isnt passing
These items actually will pass. All Dems including Sinema and Manchin are good with those taxesThat bill isnt passing