Law BBB/ Inflation Reduction Act: Signed into Law

[MMAisGod]

Thanks for giving it all a look. It is frustrating when you do an OP like that and it just sinks like a rock ha. I knew it would eventually get bumped though once this case closer to a vote though so it’s all good.

Yea ha too much CRT and Transgender athlete talk these days. It's a cycle because you have media outlets covering those types of topics more than policy topics because they generate more clicks and charged-types of debates, so it's money and everyone follows behind.

Are you good with corporate rates being bumped? I don’t think I covered it in the OP cause I wasn’t sure how much they’d be needed with the bipartisan bill being separated but now that it’s being floated 3.5, my guess is they still are looking at hiking those rates.

I agree with you for the most part on the education pieces. I want to see what the additional 1.3T in spending really could be. The OP doesn’t yet reflect those increases.

They definitely are still looking for sure, I'd be okay with it. I think the real issue is when you start discussing how "much" of a hike. I feel like everyone should be in support of hike, but if you raise it too high you run the risk of the indirect fallout on the corporation side. Which would have a major impact on job availability, salary, hours, etc, so it has to be the right number. But there should be an increase.

Same. There has been a lot of spending of late so there's a fine line that you don't want to cross with too much spending too fast. Depending on what is or isn't included, it could be something that needs to be trimmed down a bit, or a holdover while waiting to see the impact of past, current, and near future spending first. I understand the Democrats side of things as well though because you don't want to wait too long and have it be more difficult to pass your agendas so there's no easy decision to make either way.

 

[Lead]

So if enough wasn't being crammed into this, Biden has now called for a DACA provision to possibly be added after the recent hold from a federal judge on applications:
Biden promises to appeal immigration ruling, urges Congress to act
Reuters

President Joe Biden on Saturday vowed to preserve a program that protects from deportation hundreds of thousands of immigrants brought to the United States as children, promising to appeal a judge's "deeply disappointing" ruling invalidating it and urging Congress to provide them a path to citizenship.

U.S. District Judge Andrew Hanen on Friday ruled in favor of a group of states led by Republican-governed Texas that sued to end the Deferred Action for Childhood Arrivals (DACA) program. Hanen concluded that Democratic former President Barack Obama exceeded his powers when he created DACA in 2012 by executive action, bypassing Congress.

People protected under DACA are often called "Dreamers," based on the name of a proposed immigration overhaul that failed to pass Congress.

Biden said in a statement that the Justice Department will appeal Hanen's ruling. The Democratic president also said the Department of Homeland Security, which oversees immigration issues, will soon issue a new regulation intended to strengthen DACA's legal standing.

I think the idea is similar to minimum wage in the first reconciliation. Try to put it in even though it's likely the senate parliamentarian will strike it out for not really being a budgetary measure. It doesn't really mess anything up and Biden and co can say they at least tried to their voters.

 

[MMAisGod]

So if enough wasn't being crammed into this, Biden has now called for a DACA provision to possibly be added after the recent hold from a federal judge on applications:
Biden promises to appeal immigration ruling, urges Congress to act
Reuters


I think the idea is similar to minimum wage in the first reconciliation. Try to put it in even though it's likely the senate parliamentarian will strike it out for not really being a budgetary measure. It doesn't really mess anything up and Biden and co can say they at least tried to their voters.

Lol I swear they do this on purpose to go "oh look we tried but xyz didn't want it" for political points. No real intentions to help people. Something like DACA is an easy resolution that could have been resolved a decade ago if anyone with power really cared.

 

[Officer Rick]

So if enough wasn't being crammed into this, Biden has now called for a DACA provision to possibly be added after the recent hold from a federal judge on applications:
Biden promises to appeal immigration ruling, urges Congress to act
Reuters


I think the idea is similar to minimum wage in the first reconciliation. Try to put it in even though it's likely the senate parliamentarian will strike it out for not really being a budgetary measure. It doesn't really mess anything up and Biden and co can say they at least tried to their voters.

They do tend to purposely add things to add wiggle room to compromise and if he had to remove it well at least he "tried"

 

[Lead]

Lol I swear they do this on purpose to go "oh look we tried but xyz didn't want it" for political points. No real intentions to help people. Something like DACA is an easy resolution that could have been resolved a decade ago if anyone with power really cared.

Yea, I don't think they expect it to allowed to stay in the rec. Just kinda funny it's being done twice now.

 

[Lead]

Sinema came out against the 3.5T bill at this point, saying it needs bipartisan support and it too costly


Sinema says she does not support $3.5 trillion reconciliation package Democrats plan to pass along party lines
CNN

Democratic Sen. Kyrsten Sinema of Arizona announced Wednesday that she does not support a

$3.5 trillion dollar budget bill Democrats plan to pass along party lines, saying she doesn't agree with its price tag, onthe same day lawmakers hashed out an agreement on a $1 trillion bipartisan infrastructure package.

While Sinema signaled she wants to pare back the package's $3.5 trillion cost, she didn't say by how much -- a sign that she's willing to negotiate. The senator also indicated she will likely vote to move forward with the budget resolution, which has to first pass Congress before lawmakers can consider the reconciliation plan.

 

[12ga.]

I love how democrats have to be "bipartisan" even the media expects it and their members like Sinema and Machin. Republicans never have to be. It's expected they vote as a block or you get primaried and lose committee assigments while still there if you talk of "bipartisan"

I think "bipartisan" is just a cop out excuse Democrats use for not doing things for the people and continuing oligarchy. They play the "good cop" in this drama but have no intention of deviating from what the donors want and can blame "bipartisan" failure and "bad cop" Republicans.

 

[Lead]

I love how democrats have to be "bipartisan" even the media expects it and their members like Sinema and Machin. Republicans never have to be. It's expected they vote as a block or you get primaried and lose committee assigments while still there if you talk of "bipartisan"

I think "bipartisan" is just a cop out excuse Democrats use for not doing things for the people and continuing oligarchy. They play the "good cop" in this drama but have no intention of deviating from what the donors want and can blame "bipartisan" failure and "bad cop" Republicans.

The left has Machine and Sinema.

GOP has Romney, Collins, Murkowski, Toomey. They are clearly Republicans but have been fine with reaching across the isle.

I think what the complaint is would be a 50 vote GOP controlled senate would be able to get more through reconciliation then Dems. I don’t think that means there are less bipartisan people in the group as a whole.

 

[Lead]

John Tester and some others could likely change the number lower to 3.5T.

 

[AndroidRage]

I heard that the bipartisan plan will be selling off our infrastructure to private entities.

 

[Lead]

Senate is going to move right into the reconciliation bill tonight. This mostly will be getting consensus from the 50 Democrat senators to push this through. Though the GOP will be proposing amendments, it won't be similar to the other bill in getting added.

You can watch the senate live feed here
https://www.senate.gov/legislative/floor_activity_pail.htm

‘One hell of a fight,’ all night: Senate vote-a-rama jump-starts $3.5T plan
Politico

Senate Democrats kicked off the marathon known as "vote-a-rama" on Tuesday to deliver their next filibuster-proof ticket to passing major legislation against the will of their GOP colleagues.

Republican senators began firing off a volley of hot-button amendments Tuesday afternoon, in their last legislative hurrah before senators depart for the August recess that was already supposed to be underway. The GOP plans to drag the voting session well into the night, peppering the majority party with dozens of symbolic amendments on issues like school reopening, hydraulic fracturing and policies for handling immigrants who are sick with coronavirus.

 

[Lead]

Tuberville on the floor proposing an amendment that would stop federal funding from covering any funding shortfalls to any city councils that defund their police departments.

Booker chimed in for everyone to vote for that so we can put an end to the narrative that democrats are for defunding the police and also that we should add to the amendment that everyone here loves God and America and apple pie.

Edit: seems like it's going to be a unanimous vote for yes

 

[12ga.]

I'm going to be frank. You young people are fucked in so far as jobs. Low skill they import unlimited illegal aliens. High skill they have H1Bs and import cheap labor too. Thats probably why $15 an hour didnt get any traction.

Also climate change and stuff. So glad I'm old. Most ppl want to be young again. Not me

 

[Lead]

The procedural vote passed 50-49 last night. This mainly is to start debate on the bill and isn’t the passage vote.

 

[BIKES!]

-Tax capital gains at death for unrealized gains above $1 million ($2 million for joint filers).


That is fucking insane. Force a dead man’s family to sell stock to pay the IRS? What the fuck if the person dies on a downturn like May 2020 where the market plummets. If the person had a a stock for 25 years and was once up 800% and now up only 50% the family would have to unload early rather than wait and see if the market turns.

 

[BIKES!]

I'm going to be frank. You young people are fucked in so far as jobs. Low skill they import unlimited illegal aliens. High skill they have H1Bs and import cheap labor too. Thats probably why $15 an hour didnt get any traction.

Also climate change and stuff. So glad I'm old. Most ppl want to be young again. Not me

 

[Whippy McGee]

Only around 25% is for actual infrastructure. WTF?

Also, all these fools can pass whatever spending they want. If the Republicans do not agree to raise the Debt Ceiling... none of it matters.

 

[andnowweknow]

This is a gigantic spending package. Anyone saying the filibuster prevents anything from being possible in the legislator isn’t paying attention. If they lock 50 votes for this, it will be one of the most significant pieces of legislation in a decade at least in terms of dollars and the amount of areas it touches on.

It will be significant as well in terms of objectively beneficial to the American tax payer. There will be waste but it is an objective huge, and positive move by this administration and the congress.

 

[Lead]

Seems like the reconciliation piece still has some time on it. The amendments that were voted on yesterday will be added to the reconciliation and released around 9/15. I would think that’s when floor debate might resume but I’m uncertain if the process is a little different from other bills (aside from the 50 vote threshold).

Same storyline going on. Manchin and Sinema not on board yet but dem leaders seeming certain something will come through. Seeing how it shapes up from 3.5T will be interesting.

 

[rob mafia]

-Increase Internal Revenue Service (IRS) funding for individual income tax enforcement and enact new reporting requirements for financial institutions.

how keynesian. use tax dollars to pay people to find more tax dollars.

and re: increasing cap gains - retarded. and it's lessening the purpose (if not completely defeating it) of long-term investing. it just gives more incentive to trade, instead. if holding it for a year grants no benefit, why bother holding for a year? additionally, losing half of the gains only incentivizes riskier trading. if one's losing half of their gains to taxes after already risking losses, anyway... one might as well gamble with FDs and either get crazy payouts or losses which don't cost much since they'd counter the gains...

i mean, shit. i'd welcome the volatility. but i'd also probably try to move to puerto rico to not pay federal taxes, if it's going to be that high. although, with my luck, they'd just get statehood, anyway...