VP J.D. Vance sat for an interview with Margaret Brennan where she questioned him regarding all the executive orders but the price of eggs are too high..Mr. Vice President?
Exactly where was the media for the last four years?
So to be sure, while VP Vance did a relatively good job in answering why the price of eggs are high…he did miss the moment to call out CBS and other media regarding the Biden ‘Inflation Reduction Act’ which has not brought down the price of anything. Furthermore, not one single Republican voted for that law, why you ask?
After the expert at Forbes took a long look at the IRA, here are their major takeaways:
The Inflation Reduction Act is a slimmed-down version of the Build Back Better bill, which aimed to make historic investments in the nation’s social safety net. The new bill makes the largest investment in combating climate change in U.S. history, lowers the cost of prescription drugs and raises taxes on corporations.
Here are the big provisions:
- Creation of a 15% corporate minimum tax rate: Corporations with at least $1 billion in income will have a new tax rate of 15%. Taxes on individuals and households won’t be increased. Stock buybacks by corporations will face a 1% excise tax.
- Prescription drug price reform: One of the most significant provisions of the Inflation Reduction Act will allow Medicare to negotiate the price of certain prescription drugs, bringing down the price beneficiaries will pay for their medications. Medicare recipients will have a $2,000 cap on annual out-of-pocket prescription drug costs, starting in 2025.
- IRS tax enforcement: The IRS has been sounding the alarm for years about being underfunded and being unable to deliver on its duties. The bill invests $80 billion in the nation’s tax agency over the next 10 years.
- Affordable Care Act (ACA) subsidy extension: Currently, medical insurance premiums under the ACA are subsidized by the federal government to lower premiums. These subsidies, which were scheduled to expire at the end of this year, will be extended through 2025. Approximately 3 million Americans could lose their health insurance if these subsidies weren’t extended, according to the U.S. Department of Health and Human Services.
- Energy security and climate change investments: The bill includes numerous investments in climate protection, including tax credits for households to offset energy costs, investments in clean energy production and tax credits aimed at reducing carbon emissions.
The bill passed with all 50 Democratic votes in the Senate on Aug. 7. Democrats were able to secure two key votes, from Senators Joe Manchin (D-W.Va) and Kyrsten Sinema (D-AZ), after the pair opposed earlier versions of the bill. Sinema, the last party holdout, expressed support for the bill after the carried-interest loophole provision was dropped.
Nothing reduces the price of eggs Margaret….but what did the Biden White House admit about the Inflation Reduction Act really? It was all about climate change.
On August 16, 2022, President Biden signed the Inflation Reduction Act into law, marking the most significant action Congress has taken on clean energy and climate change in the nation’s history. With the stroke of his pen, the President redefined American leadership in confronting the existential threat of the climate crisis and set forth a new era of American innovation and ingenuity to lower consumer costs and drive the global clean energy economy forward.
This guidebook provides an overview of the clean energy, climate mitigation and resilience, agriculture, and conservation-related investment programs in President Biden’s Inflation Reduction Act, including who is eligible to apply for funding and for what activities.
Pass this along to VP Vance when you get a chance please….
