It’s Official: Biden Signs Inflation Reduction Act Into Law

In the famous words of President Handsome Joe Biden, “it’s a big eff’ing deal.”  Anyway, they got their act back and on the road, as it were:

Still the best. But I digest.

After two years of breathlessly covering every twist and turn of Manchinema’s treachery and perfidy and ignoring their obvious corruption,  Our Failed Political Press ™ barely covered this stunning Democratic victory And then it rolled off the front pages of most news websites because: Hair Füror generates clicks.

Anyway, here’s a story:

(CNN)President Joe Biden signed a sweeping $750 billion health care, tax and climate bill into law at the White House on Tuesday — marking a major victory for his administration and the Democratic Party ahead of the midterm elections.

Biden said during a signing ceremony in the State Dining Room that the legislation, called the Inflation Reduction Act, is “one of the most significant laws in our history.”

“With this law, the American people won and the special interests lost,” Biden told an audience of Democratic members of Congress and administration officials. “For a while people doubted whether any of that was going to happen, but we are in a season of substance.”

Tiger Beat has some highlights in their email thingie (and note that this was not their top item, but Trump’s Revenge was):

SURVEY SAYS — The latest POLITICO/Morning Consult poll has some new numbers on Inflation Reduction Act — looking at the popularity of some of its individual components:

— Placing caps on prescription drug price increases: Somewhat or strongly support: 76%; somewhat or strongly oppose: 13%. Net: +63

— Allowing Medicare to negotiate some prescription drug prices:Support: 73%; oppose: 13%. Net: +60

— Reducing the federal budget deficit by $300 billion: Support: 72%; oppose: 11%. Net: +61

— Limiting annual out-of-pocket prescription drug costs for Medicare beneficiaries to $2,000: Support: 72%; oppose: 15%. Net: +57

— Putting a 15% corporate tax minimum on companies that have usually paid little, if any, taxes: Support: 61%; oppose: 24%. Net: +37

— Providing $60 billion in incentives for clean energy manufacturing in the U.S.: Support: 59%; oppose: 28%. Net: +31

Investing $369 billion in climate and energy programs over the next 10 years: Support: 54%; oppose: 33%. Net support: +21

— Giving $80 billion to the IRS to improve its ability to investigate and recover unpaid taxes: Support: 40%; oppose: 46%. Net: -6

It is instructive for us to see what Wingnuttia is saying about it, as we will be hearing this for the next few months: It’s All About The IRS! That -6 is all that Wingnuttia is going to talk about.

“A more accurate name for the bill might be the ‘IRS Enforcement Act.’ The bill increases the budget of the Internal Revenue Service by $80 billion over 10 years. What might the IRS do with all that money? The Biden administration has told us. In May 2021, Biden’s Treasury Department produced a 22-page analysis of his American Families Plan agenda, which said that adding nearly $80 billion in new resources over 10 years to the IRS budget would allow it to hire 86,852 full-time employees over the next decade—to audit more returns and pry more money out of taxpayers to fund the administration’s radical climate agenda.” —Marc A. Thiessen, The Washington Post

Well, that should be interesting to follow as no one making under $400K Ameros is likely to see any change in audit status, but they will talk about it nonstop in Possum Hollar, that the Tax Man armed with AR15s kicked down the door to get Auntie Em’s egg money… It will be as honest as Twizzler’s Happy Meal story.

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10 Responses to It’s Official: Biden Signs Inflation Reduction Act Into Law

  1. I am reblogging this post.

    Like

  2. Batman 54 says:

    Better than each and every Republican President since Lincoln.

    Liked by 2 people

  3. roket says:

    I was forced to get on Medicare Part D in 05. It’s been a curse ever since. A $2K cap on out-of-pocket costs is music to my ears. Currently, the cap is $7,050

    Liked by 1 person

  4. Sirius Lunacy says:

    Beau explains the IRS lie:

    Liked by 1 person

  5. laura says:

    Just the extension of the health care subsidies will save me and spouse 18K in monthly premiums for the 2023 plan year- and yes, I’ve called my Congresswoman and my Senators to thank them for getting the IRA passed. It’s a BFD!

    Like

  6. osirisopto says:

    So, when do the Rs shut down the government?

    Like

  7. annieasksyou says:

    Well done, TG. So infuriating that the MSM couldn’t find the time or space to fit this story in among their tfg obsession.

    Like

  8. MDavis says:

    So the Republican cohort in senate is, once again, not mentioned in the story, in spite of their unanimous vote against the bill.
    Also, that IRS thing is nuts. Remember that they haven’t had the resources to hire a lot of people and the IRS workforce is aging out. Some new hires will be replacing those retiring. Others will be for positions that have stood vacant for a long time. And won’t it be nice to be able to call the IRS with a wait time shorter than the battery life of your phone.
    BONUS story – saw an interview with a couple of Texas farmers about their audit. Oh the horror! It was awful!! There were THREE DAYS of auditing!!!
    It was in 2009. It started when they paid $7K or so to have a tractor repaired. The auditor said it was a red flag and “demanded” to look over their books for the previous three years. One of the issues he had was with their truck usage. Since it was partly personal and partly business usage, they had overstated the deduction for it. Bookkeepers mistake, unless they gave him bad info. Upshot was they had to pay $750 in unpaid taxes. This covered three years, so the grand total added up to $250 per year. And the repair charge for the tractor was not mentioned again, so it was apparently allowed as a legitimate expense.
    “And it could happen to you, too!!!” THE HORROR!

    There it is, the best terrible IRS agent story the right wing news could come up with on short notice.
    IRS agents have been pretty decent to us over the years. Sounds like this guy was actually pretty decent to them as well.

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