| Submit your comments on this article |
| Economy |
| Manchin-Schmer Bill Highlights and Lowlights |
| 2022-07-29 |
| [FoxNews] agreement would extend the ACA through 2025 and allow Medicare to negotiate the prices of prescription drugs. The ACA extension would cost $64 billion, Democrats say, and the prescription drug reform would save the government $288 billion. ... it includes a 15% corporate minimum tax for businesses worth more than $1 billion, which is estimated to raise $313 billion; stepped-up IRS tax enforcement, estimated to raise $124 billion; and it will close the carried interest loophole, estimated to raise $14 billion... Another provision of the bill will provide $1.5 billion "for tree planted and related activities, with a priority for projects that benefit underserved populations and areas." Yet another part of the bill provides $403 million for IRS expenses, "including purchase and hire of passenger motor vehicles." It would further provide up to a $7,500 tax credit to families making up to $300,000 per year for electric vehicles assembled without critical minerals from hostile countries, and not assembled in hostile countries. The tax credit applies for new vans, SUVs and pickups up to $80,000. For other cars the limit is $55,000. Families making up to $150,000 can also get a $4,000 tax credit for used electric vehicles. [I think the CBO has scored some portions of this but I'm not sure of the details] |
| Posted by:Lord Garth |