We should all know by now that raising taxes - on any one - during a recession is contrary to every law of economics. And don't be stupid - corporations don't pay taxes - they add the cost of the taxes to their bottom-line pricing, and that creates more inflation. Idiots...
Joe Manchin and Chuck Schumer looked at loggerheads after their talks on a sweeping climate, tax and health care bill ran aground nearly two weeks ago. In fact, they were working on Washington’s best-kept secret.
On July 18, four days after Manchin and Schumer’s talks seemed to fizzle out with only a limited health care deal, Manchin reached out to Schumer to see if he was amenable to picking things back up. By Wednesday afternoon, they had a deal on a bill that includes energy and tax policy, a turnaround after the two deadlocked on Democrats’ marquee party-line agenda.
“It’s like two brothers from different mothers, I guess. He gets pissed off, I get pissed off, and we’ll go back and forth. He basically put out statements, and the dogs came after me again,” Manchin said in an interview on Wednesday. “We just worked through it.”
All throughout last week, Manchin stayed quiet about the talks even as most senators, staffers and journalists had moved on: “I didn’t know if it could come to fruition. I really didn’t know, OK, so why talk about something, again, build people’s hopes up? I got the ire of everybody.”
That ire turned into jubilation within the Democratic Party by Wednesday night after Manchin and Schumer announced what they dubbed “the Inflation Reduction Act of 2022,” which is slated for the Senate floor next week. There’s still significant concerns to be dealt with over whether it can meet chamber rules for avoiding a filibuster, and Sen. Kyrsten Sinema hasn’t signed off yet - but Manchin’s deal with Schumer amounts to the best news for Democrats in weeks.
Moreover, Manchin’s announcement came hours after final passage of semiconductor legislation, a bill Republicans threatened to block mere weeks ago in an effort to stop Democrats from pursuing a party-line tax, climate and health care package.
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