(RepublicanWire.org) – Senator Joe Manchin surprised Washington DC elites and the mainstream chattering class when he announced his support for the Democrats’ green new deal funded by nearly $800 billion in new tax hikes.
The Green New Deal will crush the coal and energy sector in his home state of West Virginia. But it will make the windmill manufacturers in China rich.
The entire spending package will be funded by new taxes on workers and producers while inflation remains at 40-year highs.
Of course, the democrats call their plan the “Inflation Reduction Act of 2022.”
Sen. Joe Manchin on Wednesday announced that he has reached a deal with Senate Democratic leader Chuck Schumer on a domestic spending bill including energy programs and tax policy changes.
Manchin, D-W.Va., and Schumer, D-N.Y., said in a joint statement that the measure, known as the Inflation Reduction Act of 2022, will receive a vote on the Senate floor next week.
“The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing and reduce carbon emissions by roughly 40% by 2030,” the pair said.
The bill would raise $313 billion through a 15% corporate minimum tax, $288 billion through prescription drug pricing reforms, $124 billion through IRS enforcement of reformed tax code and $14 billion by closing the carried interest loophole.
Here is the one-page agreement between Joe Manchin and Chuck Schumer.
Joint Statement From Leader Schumer And Senator Manchin Announcing Agreement To Add The Inflation Reduction Act Of 2022 To The FY2022 Budget Reconciliation Bill And Vote In Senate Next Week
July 27, 2022
Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) issued the following joint statement today announcing an agreement to add the Inflation Reduction Act of 2022 to the FY2022 Budget Reconciliation bill and vote in the Senate next week:
“Today, we are pleased to announce an agreement to add the Inflation Reduction Act of 2022 to the FY2022 Budget Reconciliation bill. After many months of negotiations, we have finalized legislative text that will invest approximately $300 billion in Deficit Reduction and $369.75 billion in Energy Security and Climate Change programs over the next ten years. The investments will be fully paid for by closing tax loopholes on wealthy individuals and corporations. In addition, the expanded Affordable Care Act program will be extended for three years, through 2025. The revised legislative text will be submitted to the Parliamentarian for review this evening and the full Senate will consider it next week.”
“The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will finally allow Medicare to negotiate for prescription drugs and lower health care costs for millions of Americans. Additionally, we have reached agreement with President Biden and Speaker Pelosi to pass comprehensive permitting reform legislation before the end of this fiscal year. We urge every member of the U.S. Senate to support this important legislation.”