Inflation Reduction Act Tell Me How This Works PLEASE !!

[John from Riverside]

Is this a bad time to point out that Trump spent more money and put more on the deficit?

[Tommy Callahan]

1 hour ago, John from Riverside said:

Is this a bad time to point out that Trump spent more money and put more on the deficit?

you talking about when the dems had the house?

 

Did you send any of the stimy back?  any of them unemployment bonuses?  

 

 

[John from Riverside]

1 minute ago, Chris farley said:

you talking about when the dems had the house?

 

Did you send any of the stimy back?  any of them unemployment bonuses?  

 

 

This is a pretty simpleton way of looking at this
 

Your average American could use that money that was sent those stimulus checks. The problem is people receive money that didn’t really need it.  

[Tommy Callahan]

Just now, John from Riverside said:

This is a pretty simpleton way of looking at this
 

Your average American could use that money that was sent those stimulus checks. The problem is people receive money that didn’t really need it.  

trying to argue that the covid spending was trump, and trump alone is very simple and wrong. 

 

revisionist history.

 

 

[John from Riverside]

1 minute ago, Chris farley said:

trying to argue that the covid spending was trump, and trump alone is very simple and wrong. 

 

revisionist history.

 

 

Simply pointing out that the spending was done under his term
 

The numbers don’t lie

[Tommy Callahan]

just pointing out it was much more complicated that one man. 

 

 

 

 

Edited August 31, 2023 by Chris farley

[BillsFanNC]

With all this reduction of the debt that dementia Joe is constantly claiming...

 

it's curious why there is simultaneously a need to increase the debt ceiling?

[Wacka]

1. Collect underpants

2. ?????

3. Profit!!!

[SoCal Deek]

Of the things the Biden Administration has done this one is a real head scratcher to me. There’s no way in hell you’re going to convince average Americans that inflation isn’t a significant issue in their daily lives. They see it and feel it virtually every day. The Administration would be far better off not talking bout it at all, just as they’ve chosen to do with so many other topics in the last almost three years. 

[The Frankish Reich]

On 8/18/2022 at 9:57 AM, Steve O said:

So one of the big things in the inflation reduction act is increasing the size of the IRS to try to reclaim missed taxes. Wouldn't it make more sense to implement a consumption tax and decrease the size of the IRS? Avoid all those federal salaries and health care policies. This would tax those that have income from alternative means, no loopholes for the rich. Japan has had a consumption tax for over 30 years, a lot of growing pains could be avoided studying that history. 

The last (semi) serious attempt to actually rethink how the USA raises tax revenue was Herman Cain's 9-9-9 thing. It wouldn't have worked as he proposed it, but at least it showed some outside the box thinking. Good luck finding that anywhere in the 14 presidential candidates for 2024.

[SoCal Deek]

1 minute ago, The Frankish Reich said:

The last (semi) serious attempt to actually rethink how the USA raises tax revenue was Herman Cain's 9-9-9 thing. It wouldn't have worked as he proposed it, but at least it showed some outside the box thinking. Good luck finding that anywhere in the 14 presidential candidates for 2024.

I believe Vivek promotes a completely flat tax on all income of every kind, for everyone. 

[TSOL]

Warren Buffett is bracing for a stock market crash. 

IRA is a bad bill 

[The Frankish Reich]

2 minutes ago, SoCal Deek said:

I believe Vivek promotes a completely flat tax on all income of every kind, for everyone. 

I'll have to look at that. Thanks for pointing that out.

In general, "flat tax" sounds good, but the devil is in the details. How do you compute income for that flat rate? It becomes very complex, and you sometimes wind up with something just as cumbersome as the current tax code. That's why consumption taxes are generally preferable.

[SectionC3]

42 minutes ago, Chris farley said:

trying to argue that the covid spending was trump, and trump alone is very simple and wrong. 

 

revisionist history.

 

 

He signed off on it.  And, he blew the Senate for Republicans by supporting the more than tripling the individual COVID relief checks.  Blame doesn’t lie solely with Trump for whatever grievance might have with COVID spending.  But the fact remains that this guy is responsible for cutting the top tax rate while at the same time spending like a drunken sailor.  If that’s your definition of fiscal conservatism, then you must be MAGA. 

[The Frankish Reich]

I just saw this Doug Burgum/Governor of North Dakota/Republican candidate guy. He's making the right kind of noises about tax policy, so maybe there's hope that at least someone will get a debate going.

[Precision]

The Inflation Reduction Act should have been called the Renewable Energy Subsidy Act.  The largest component of spending in the act is targeted toward renewables and climate change initiatives. 

 

Anyone with the means who is a homeowner should consider taking advantage of the "free money" being thrown around in this act.  In our case we received quotes for solar that with the government rebate will eliminate our $350+/month electric bill with a payback of 6-7 years.  We are getting quotes for geothermal (ground source heat pump) and considering replacing our 10-year-old pool air source heat pump so that we fully utilize these incentives while they are available.  

 

Personally, I think the act was a poorly named and thought-out way to promote renewables.  The incentives will largely be utilized by middle to upper income homeowners in suburban or rural settings.  These incentives do nothing for renters, urban homeowners or homeless.  It really highlights the stupidity of blue state representatives as in general their constituents benefit the least from this spending.

[SoCal Deek]

25 minutes ago, The Frankish Reich said:

I'll have to look at that. Thanks for pointing that out.

In general, "flat tax" sounds good, but the devil is in the details. How do you compute income for that flat rate? It becomes very complex, and you sometimes wind up with something just as cumbersome as the current tax code. That's why consumption taxes are generally preferable.

I’m not in favor of a consumption tax. The wealthy don’t ‘consume’ anywhere near the same percentage of their income as the poor do. I see no problem with a flat tax. If the IRS can calculate all the nonsense embedded in our current tax code, administrating a truly flat tax would be a walk in the park. 

[The Frankish Reich]

2 minutes ago, SoCal Deek said:

If the IRS can calculate all the nonsense embedded in our current tax code, administrating a truly flat tax would be a walk in the park

I'm not so sure. Understand that I am using this as an example, not a political point: Trump's taxes. What "income" counts? Those years he didn't pay income taxes, did he have "income?" It's still a mess.

Meanwhile, he consumed. A lot. A VAT is often regressive, but there are ways to at least partly ameliorate that through grants, etc.

[BillsFanNC]

46 minutes ago, SoCal Deek said:

Of the things the Biden Administration has done this one is a real head scratcher to me. There’s no way in hell you’re going to convince average Americans that inflation isn’t a significant issue in their daily lives. They see it and feel it virtually every day. The Administration would be far better off not talking bout it at all, just as they’ve chosen to do with so many other topics in the last almost three years. 

 

Not only are they talking about it...

 

They've branded it as their own.

 

Bidenomics.

 

Brilliant!

[SoCal Deek]

3 minutes ago, The Frankish Reich said:

I'm not so sure. Understand that I am using this as an example, not a political point: Trump's taxes. What "income" counts? Those years he didn't pay income taxes, did he have "income?" It's still a mess.

Meanwhile, he consumed. A lot. A VAT is often regressive, but there are ways to at least partly ameliorate that through grants, etc.

Thanks Frank

No politics from me here either. As a traditionally high earner, I can tell you that a consumption tax would be an unnecessary benefit to me and my family. Regardless of the details, we already know that the government is able to tax ‘income’. They do now. The change would be that ALL types of income would taxed at the same rate, and there wouldn’t be any write offs. Your tax form would be extremely short. But…now EVERYONE would have skin in the game and everyone would push back (or not) on tax increases. 

[The Frankish Reich]

9 minutes ago, SoCal Deek said:

Thanks Frank

No politics from me here either. As a traditionally high earner, I can tell you that a consumption tax would be an unnecessary benefit to me and my family. Regardless of the details, we already know that the government is able to tax ‘income’. They do now. The change would be that ALL types of income would taxed at the same rate, and there wouldn’t be any write offs. Your tax form would be extremely short. But…now EVERYONE would have skin in the game and everyone would push back (or not) on tax increases. 

It has an appeal. 

But think about business owners. Investments in the business. Business expenses. Etc., etc. 

Are we going to tax "income" as in "revenue?" Or earnings? And if we're taxing "earnings" we're auditing the write-offs. Just like we do now.

Again: Trump (just because we know his situation better than anyone else). He got in trouble by being cheap (and also arguably by trying to conceal an embarrassing fact). He wrote off the Stormy Daniels payoff as a "business expense." Is the New IRS just gonna take his word for it? Or will they have to audit him if there's a pattern of unusual "business expenses?" If getting the IRS off our backs is a big point of tax reform, a flat tax may get us to the 50 yard line, but a total rethink will advance the ball all the way to the goal line.

Edited August 17, 2023 by The Frankish Reich

[SoCal Deek]

2 minutes ago, The Frankish Reich said:

It has an appeal. 

But think about business owners. Investments in the business. Business expenses. Etc., etc. 

Are we going to tax "income" as in "revenue?" Or earnings? And if we're taxing "earnings" we're auditing the write-offs. Just like we do now.

We’re not talking about corporate tax. We’re talking about personal income tax.  If you’re asking about people who run their business expenses through their personal finances, I’m sure that would change….but then again if their overall tax rate would be going DOWN I’m not sure they’d have much of a complaint. 

[TSOL]

The IRA bill will make china very rich as they hold the vast amount of rare earth minerals needed to produce the battery's 

 

And they use slave labor to obtain them. 

 

Utility company's are already fighting this bill saying there's no way they can meet the requirements in the timeline of the bill. It's going to be ridiculously expensive and technologically impossible 

[SoCal Deek]

2 minutes ago, TSOL said:

The IRA bill will make china very rich as they hold the vast amount of rare earth minerals needed to produce the battery's 

 

And they use slave labor to obtain them. 

 

Utility company's are already fighting this bill saying there's no way they can meet the requirements in the timeline of the bill. It's going to be ridiculously expensive and technologically impossible 

I’ve often wondered about this. This new technology either works or it doesn’t. As only a very small percentage of vehicles are powered by electricity right now (including mine) I will not be the least bit surprised if a very short few years from now we’re all being told that the used batteries are piling up in landfills and we all now need to switch to something else. 

[TSOL]

4 minutes ago, SoCal Deek said:

I’ve often wondered about this. This new technology either works or it doesn’t. As only a very small percentage of vehicles are powered by electricity right now (including mine) I will not be the least bit surprised if a very short few years from now we’re all being told that the used batteries are piling up in landfills and we all now need to switch to something else. 

 

 

This bill seems like it was written by 20 year old  tick tock social media influencers 

[Doc]

48 minutes ago, TSOL said:

This bill seems like it was written by 20 year old  tick tock social media influencers 

 

If not written by, at least approved by...

[B-Man]

 

 

For SOME reason Biden's not using title of 'significant piece of legislation' he signed last year

 

It's been just over a year since President Biden signed a "significant piece of clean energy legislation" into law, and we're starting to think the White House is really hoping we've all forgotten what it was called:

 

 

No Republicans voted for it, KJP -- or whoever wrote that -- because it had nothing to do with reducing inflation (quite the contrary if anything) and was loaded with "clean energy" sham spending.

 

Oh, didn't the law have a name besides "significant piece of legislation"? Yes, it did:

 

Yeah, didn't you also call it the Inflation Reduction Act to get it passed because you knew it wouldn't otherwise.

 

 

 

https://twitchy.com/dougp/2023/08/24/for-some-reason-bidens-not-using-title-of-significant-piece-of-legislation-he-signed-last-year-n2386556

[Doc]

1 hour ago, B-Man said:

 

 

For SOME reason Biden's not using title of 'significant piece of legislation' he signed last year

 

It's been just over a year since President Biden signed a "significant piece of clean energy legislation" into law, and we're starting to think the White House is really hoping we've all forgotten what it was called:

 

 

No Republicans voted for it, KJP -- or whoever wrote that -- because it had nothing to do with reducing inflation (quite the contrary if anything) and was loaded with "clean energy" sham spending.

 

Oh, didn't the law have a name besides "significant piece of legislation"? Yes, it did:

 

Yeah, didn't you also call it the Inflation Reduction Act to get it passed because you knew it wouldn't otherwise.

 

 

 

https://twitchy.com/dougp/2023/08/24/for-some-reason-bidens-not-using-title-of-significant-piece-of-legislation-he-signed-last-year-n2386556

 

Not a chance she wrote that or even anything on her own Twitter account. 

[B-Man]

 

 

 

It was always just a democrat allies payoff.

 

 

Federal revenue falls $416 billion from
this time last year despite passage of IRA

by Nicholas Ballasy

 

Federal revenue dropped $416 billion compared to this time last year, according to recently released U.S. Treasury Department data, despite the Democrats’ passage of their $780 billion Inflation Reduction Act last year. The legislation, which President Biden signed in August 2022, contained a 15% minimum corporate income tax, which still hasn't been fully implemented by the IRS. Experts at the Committee for a Responsible Federal Budget and the Tax Foundation told Just the News that most of the revenue raising provisions in the IRA have not taken effect yet but they likely won't raise much revenue given the price-tag of the energy-related tax credits in the bill.

 

https://justthenews.com/government/federal-agencies/revenue-down-416billion-compared-time-last-year-despite-passage

 

 

 

.

[T master]

I watched a video the other day of a guy listening to a news cast of how inflation is going down but said i wish i could see the cost of the things i buy coming down that are continuing to go up in cost .

 

Thanks Joe for your untiring & relentless pursuit of a better economy for all, i can & have seen your great economic agenda in action .

 

In the last 3 years my gas prices have increased, my electric prices have now over doubled possibly because of the electric car agenda, my insurance on my vehicles & home owners have all increased, & i have been paying in sometime $1000 or more a week in taxes .

 

YOU DUH MAN JOE !!  

Edited August 30, 2023 by T master

[B-Man]

 

 

[The Frankish Reich]

12 minutes ago, B-Man said:

 

 

I am assuming this is snark.

But after Jack Posobiec attributed such things to the Wrath of God, I'm just not sure anymore.

 

[ALF]

It's way too late to stop climate change , it will take forever at best.

[Tommy Callahan]

Be afraid. the 6th mass extinction event that started 10K years ago, is about to get lit.

https://en.wikipedia.org/wiki/Holocene_extinction

If humans are considered the cause, guess we are what needs to go.

 

"The Holocene extinction is also known as the "sixth extinction", as it is possibly the sixth mass extinction event, after the Ordovician–Silurian extinction events, the Late Devonian extinction, the Permian–Triassic extinction event, the Triassic–Jurassic extinction event, and the Cretaceous–Paleogene extinction event."

 

The Holocene extinction is mainly caused by human activities. [50] [10] [52] [55] Some have suggested that anthropogenic extinctions may have begun as early as when the first modern humans spread out of Africa between 200,000 and 100,000 years ago

 

 

https://www.sciencedaily.com/releases/2022/01/220113194911.htm

 

But you know, if we just spend more on massive stimulus to mega corps with green Ideas for sale, we can fix it.  thats fur sure

 

eff, if that doesnt work do more of the same spending, but this time call it the infrastructure bill, or the inflation reduction bill.  no one reads past the title anymore.

 

Wonder how all the weapons being used in places like Ukraine push this narrative?

 

 

 

 

 

 

 

 

 

[B-Man]

28 minutes ago, The Frankish Reich said:

 

 I am assuming this is snark.

 

 

 

Very good Frank.

 

Go take something out of the "smart boys" candy bowl on the desk.

 

 

 

[The Frankish Reich]

1 hour ago, B-Man said:

 

 

Very good Frank.

 

Go take something out of the "smart boys" candy bowl on the desk.

 

 

 

Im relieved. After one of your Twitter monkeys said something equally stupid, apparently not in jest, I felt compelled to ask. 

[ALF]

Inflation came down but prices stay very high , except eggs , not good at all. What do politicians say,  it's the economy stupid.

[John from Riverside]

3 hours ago, B-Man said:

 

 

Did you think that we were going to see production on this immediately? Why would you think that?

3 hours ago, ALF said:

It's way too late to stop climate change , it will take forever at best.

We’re seeing effects of it now
 

But when it really hits and we have a really catastrophic event, I wonder what the stance of Republicans will be at that time

 

 

[Tommy Callahan]

it "works" because the supporters of the ones that passed it, just read the headlines and will 100% support the party. Probably because they don't want to be ostracized like the mob does with any voice outside the umbrella.

 

 

 

 

[SoCal Deek]

I was on the road all day yesterday traveling to and from a speaking engagement. I drove thru a McDonalds to get a fast ‘lunch’ on and off the highway. It’s over TEN DOLLARS for six chicken nuggets, fries and a Diet Coke. Sure….there’s no inflation! 🙄