Inflation Reduction Act: 8/12/22 - $740B Bill PASSES, Biden signs it into law!

WILL AN ACTUAL BILL BE PASSED BY THE DEMS???


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No1

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Here's all the expenditures to choose from in order to save $160B

Full Estimates of the House Build Back Better Act

Policy Cost/Savings (-)
Family Benefits $585 billion
Establish an affordable child care program (6 years) $270 billion
Establish a paid family and medical leave program $205 billion
Provide universal pre-K to all three-and four-year olds (6 years) $110 billion

Climate & Infrastructure $570 billion
Invest in clean energy & climate resilience $235 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 $215 billion
Extend Child Tax Credit (CTC) increase to $3,000 ($3,600 for kids under 6) for one year; make CTC fully refundable permanently $190 billion
Extend expanded Earned Income Tax Credit (EITC) for one year $15 billion
Other individual tax changes $10 billon

Health Care $330 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 $120 billion
Establish Medicare hearing benefit $35 billion
Invest in the health care workforce $25 billion

Other Spending & Tax Cuts $335 billion
Build & support affordable housing $175 billion
Increase higher education & workforce spending $40 billion
Other spending & investments $120 billion

Reduce or Delay TCJA Base Broadening $280 billion
Increase SALT deduction cap to $80,000 through 2025 $275 billion+
Delay amortization of research & experimentation expenses until 2026 $5 billion'

Enact Immigration Reform $110 billion

Subtotal, Build Back Better Act Spending & Tax Breaks $2.43 trillion
Identify which ones you personally think should be eliminated and why.
 

88m3

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