Senator Joe Manchin of West Virginia has expressed his thoughts on leaving the Democratic Party, citing the "extremes of the Democrat and Republican Party that is harming our nation". He has not yet made a decision, but his potential departure could have a significant impact on the party's ability to pass legislation in the Senate. Manchin has kept his political plans close to the vest, pledging to announce a decision on his future in the Democratic Party at a later date.
Posts tagged as “The Inflation Reduction Act”
Sen. Tom Carper, D-Del., announced Monday that he will not seek re-election after 20 years in the Senate, instead focusing on clean energy, tackling global warming and spurring economic growth. He has served in public office for nearly 50 years, beginning in 1970, and is confident his former intern, Lisa Blunt Rochester, will make an excellent successor. Carper is proud of the work he has done in the Senate and is looking forward to the next 20 months.
The IRS and Treasury Department have announced a pilot program to allow some taxpayers to electronically file and pay their taxes directly to the IRS, set to launch in early 2024. The program is a result of the Inflation Reduction Act of last year and could mark a major change in the way U.S. taxpayers deal with the revenue service. The IRS has built a prototype system and will invite some taxpayers to test it out next year, with the goal of making the filing process easier and more efficient.
The U.S. Treasury Department has released new rules offering up to $7,500 in tax credits for certain electric vehicle models as part of the Inflation Reduction Act. General Motors, Ford, Stellantis and Tesla are the only four automakers with electric vehicles that qualify for the full $7,500 tax credit, while some pre-owned electric vehicles are eligible for a $4,000 credit. The new tax credits are set to last until 2032 and are a great way to save money while helping the environment.
The Internal Revenue Service (IRS) has released its plan to spend $80 billion in funding over the next decade, with Commissioner Danny Werfel reassuring taxpayers that they don't need to worry about an increase in audits. The money is meant to support the agency in cracking down on tax cheats and providing better service to taxpayers, with the IRS expected to collect more than $100 billion in new revenue over a 10-year period. The agency plans to use the money to improve customer service, update outdated technology, and hire additional staff to help with enforcement and compliance.
The Biden administration has auctioned off 73 million acres of waters in the Gulf of Mexico to offshore oil and gas drilling, drawing criticism from environmentalists who argue it contradicts the president's campaign pledge to ban new fossil fuel development on public lands. The sale is expected to generate over $1 billion in revenue and major oil companies like Chevron, Shell, and BP are expected to submit the highest bids. The Biden administration has defended the sale, arguing that it will help the U.S. transition to a clean energy economy.
Sanofi, one of the three major insulin makers in the US, has announced a 78% reduction in the list price of its most widely prescribed insulin, Lantus, and a $35 monthly cap for those with private insurance. Uninsured Americans are eligible for Sanofi’s Insulins Valyou Savings Program. President Joe Biden praised the move, and Eli Lilly and Novo Nordisk have also announced changes to how they price their insulin this month. The Inflation Reduction Act and the actions of the three major insulin makers are a step in the right direction to make insulin more accessible and affordable for people with diabetes.
House Republicans have proposed a plan to tackle the debt ceiling and roll back President Joe Biden's Inflation Reduction Act, which has been met with criticism from both sides of the aisle. The proposal, which is unlikely to become law, includes cutting student debt relief, Covid-19 funds, climate change funding, and capping discretionary spending. White House Press Secretary Jen Psaki has said the proposal "would be a major step backward for the American people and our economy."