Senate Passes Democrats’ Health and Climate Bill

Contact Your Elected Officials
The Epoch Times Header

The Senate approved the Democrats’ sweeping health care and climate bill on Aug. 7 in a 51–50 vote, with Vice President Kamala Harris casting the tiebreaking vote.

The estimated $740 billion package next goes to the House for consideration.

“It’s been a long, tough and winding road, but at last, at last we have arrived,” said Senate Majority Leader Chuck Schumer (D-N.Y.) said. “The Senate is making history. I am confident the Inflation Reduction Act will endure as one of the defining legislative measures of the 21st century.”

Senators engaged in a round-the-clock marathon of voting that began on Aug. 6 and stretched into the afternoon of Aug. 7. Democrats voted against some three dozen Republican amendments to the legislation.

The bill ran into trouble midday over objections to a 15 percent corporate minimum tax that was disliked by private equity firms and other industries, forcing last-minute changes.

“It will close tax loopholes and it will reduce and reduce the deficit,” Schumer claimed. “It will help every citizen in this country and make America a much better place.”

Americans for Tax Reform (ATR), a U.S. advocacy group, stated that the measure will increase taxes on thousands of mid-sized small businesses across the United States.

“Any business that has [private equity] in its capital structure is now considered a subsidiary of that firm and thus subject to 15 percent book tax,” John Kartch, a spokesman for ATR, wrote on Twitter.

“As written, the provision now appears restructured to define any company with private equity in its capital structure to be considered a subsidiary of that private equity firm for purposes of the tax,” the group said in a statement. “This means that these companies would now be swept up in the new 15 percent tax on book income. This provision would greatly expand the reach of the book minimum tax to apply to small and midsize companies that require capital investment to grow their business.”

By Jack Phillips

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Truth & Treason

World War II has long served as a compelling...

Is an American confusing England for Britain a problem?

The difficulty is when Americans try to engage with British politics, where they keep saying "England" rather than "Britain."

Charlie Kirk Assassination Links Back to Israel

Those who really know how to use the tools...

Lessons from the Cleavers: “Leave it to Beaver” Can Teach Us A Lot

A Gen-Zer reflects on growing up watching Leave It to Beaver, grateful for the shows timeless lessons and and the values it taught.

Why Democracy, not Caesar, is the answer to our problems

Caesar-style leadership wins quick public support but inevitably sparks passionate resistance, conflict, bloodshed, and lasting social destabilization.

Judge Widens Block on Shutdown-Related Layoffs to Cover More Federal Workers

Judge expanded her order blocking Trump admin mass layoffs during the govt shutdown, extending job protections to more workers.

When Government Could Reopen–Key Dates to Watch

Federal govt shutdown enters third week with Congress deadlocked and no negotiations in sight as key deadlines loom to test lawmakers’ resolve.

Reader Poll: Hold Financers, Organizers Accountable for Political Violence

Respondents to our reader poll think authorities should examine the funding and coordination behind political protests that turn violent.

‘No Kings’ Protests Kick Off Across US as GOP Denounces Rallies as ’Hate America’

Large-scale events, as part of the “No Kings” protests, are taking place in cities including Washington, New York, Boston, New Orleans, and Atlanta.

Army Corps of Engineers to Pause $11 Billion in Projects During Shutdown: Vought

Russ Vought, director of the White House’s OMB, has added to the growing pile of federal projects paused during the government shutdown.

Trump Signs Executive Order Putting New Restrictions on Federal Hiring

Trump signed an executive order directing federal agencies to restrict hiring, with exceptions for immigration, security, and political appointees.

Trump Says He Has Authorized Covert CIA Operations in Venezuela

President Trump authorized covert CIA operations in Venezuela, expanding U.S. assets there to increase pressure on President Nicolás Maduro’s regime.

Trump Posthumously Awards Charlie Kirk the Presidential Medal of Freedom

President Trump posthumously awarded Charlie Kirk the Presidential Medal of Freedom in the White House Rose Garden on Oct 14, Charlie's birthday.
spot_img

Related Articles

Popular Categories

MAGA Business Central