What’s In the Tax, Healthcare and Climate Change Bill– August, 2022.
Tax, Healthcare and Climate Bill- august, 2022
- Reduction of federal debt by $300 billion over next 10 years
- New 15% corporate minimum tax (note the European Union adopted this in 2021 and in 2020- 55 of the largest corporations in the US paid NO federal corporate income tax)
- Medicare to negotiate lower drug prices
- New excise tax on corporate buybacks
- More funding for IRS to enforce tax compliance
- Social Spending not funded- child tax credit, child care, paid family leave, long term care for elderly and disabled. Good programs, too expensive (Manchin- probably right call)
- More concessions to fossil fuel industry- federal government to auction more land for oil drilling and tax credits for carbon capture technology but new acreage for solar and wind energy. (Manchin)
- Speed construction on gas pipeline through West Virginia (Manchin)
- Defeated proposal to raise corporate tax rate from 21% to 25% and raise top marginal income tax rate on the wealthiest individuals and families. (Kyrsten Sinema- her donors are wealthy)
- Prescription Drug Reform with Medicare – Again Kysten Sinema (Arizona)- narrowed the scope of the Medicare’s negotiating authority to only 10 drugs in 2026 and 20 by 2029.
- Exempts subsidiaries owned by private equity groups from the 15% minimum tax. Note that the Blackstone Group is a $881 billion co., KKR is $459 billion, etc. (Kysten Sinema-surprise- KKR, Carlye and Apollo donated to her campaign)
- Climate Change- fee on excess methane emissions from oil and gas sector
- Incentive for efficiency and capturing carbon emission
- Tax credits and rebates for electrification and efficiency upgrades for buildings.
Other
- $280 Billion to help domestic semiconductor industry and invest in scientific research. (Dems)
- Repeal of 16.4 cent a gallon tax on foreign oil imports (Republicans)
- Ban on IRS targeting individuals and small business owners who make under $400,000 a year with audits (Republicans)
