How The SchumerManchin Climate Bill Might Impact You & Change U.S. by Jeff Stein, Maxine Joselow & Rachel Roubein Washington Post
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ajor changes to the Affordable Care Act. The nation’s biggest-ever climate bill. The largest tax hike on corporations in decades. And dozens of lesser-known provisions that will affect millions of Americans. If enacted, the legislation released July 27, 2022 in a surprise agreement between Sen. Joe Manchin III (D-W.Va.) and Senate
Majority Leader Charles E. Schumer (D-N.Y.) would represent one of the most consequential pieces of economic policy in recent U.S. history — though still far smaller than the $3 trillion the Biden administration initially sought. The nonpartisan Committee for a Responsible Federal Budget estimates that the bill would put about $385 billion into combating climate change and bolstering U.S. energy production through changes that would encourage nearly the whole economy to cut carbon emissions. The bill uses two main levers: major new incentives for private industry to produce far more renewable energy, and other incentives for households to transform their energy use and consumption. Democrats say this second set of incentives will also
offer immediate consumer relief for the higher energy prices that have bedeviled the Biden administration. The agreement would also raise roughly $470 billion through new tax provisions, the budget group estimates — the biggest of which will fall on the country’s large corporations. After years of rising concern about widening wealth inequality, Democrats failed in their efforts to repeal Republicans’ 2017 tax law. The new bill leaves intact most of the corporate and individual income tax cuts President Donald Trump signed into law, largely because Sen. Kyrsten Sinema (D-Ariz.) had insisted on leaving them untouched. But it would still raise taxes significantly, and it would give the badly underfunded Internal Revenue Service its biggest budget
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