Monday, August 1, 2022

Schumer's "Inflation Fighting" Bill in the Hands of the Senate Parliamentarian and Senator Sinema Due to Manchin's Shift


Senator Manchin was for weeks being praised as Horatio on the bridge fighting the inflation hordes
To the surprise of many it was announced on the Inflation Reduction Act of 2022 he had come aboard
$700 Billion in new taxes along with $433 Billion in new spending including $80 Billion to the IRS
Just what this nation does not need are 1000’s of new agents adding to taxpayers’ tax collection stress
A 15% minimum on net income targeting those 55 corporations with billions in income but that paid no taxes
And to add insult to injury many received rebates to the loopholes enjoyed be axed
Another misnamed Blue bill that during inflation caused by a spending spree
That with billions in more spending an inflation increase we should see
With Manchin shedding his inflation shedding sword and shield
Senator Sinema from Arizona is our last hope to a spending less strategy to field
She and the Senate Parliamentarian who must rule whether it passes the budget conciliation test
If it does the Senate becomes like the House and the filibuster rules are put to rest
It the answer is yes the Senate should consider 2 changes in the bill to approve
If one earns more than a specified level of income the EV subsidy is removed
On the issue of carried interest being taxed as ordinary income as opposed capital gains rates
Have a means test that if income exceeds a given level the taxpayer opens the ordinary income gate
However the Senate Parliamentarian rules we hope Senator Sinema will vote no
Raising taxes and spending during a period of stagflation is not the way to go

© August 1, 2022 The Alaskanpoet

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