"Inflation Reduction" Bill signed

[craftsman 1,045]

Biden's pride and joy. Right before he went to sign it he said, "I've going to now do what I've been wanting to for the last 18 months." 18 months ago he wanted to sign an "Inflation Reduction Bill"? WTF?

 

Everyone will get rebates/tax breaks and that will save you a ton of money during this Inflationary time. All you have to do is spend away.

So if you purchase upgraded appliances, heating and cooling systems, electric cars, you will be "saving" money that will supposedly reduce inflation. 

This sounds like some women when they buy $1500 in new clothes and say they "saved" $150 because they were 10% off.

Oil companies will be taxed higher, gas will be taxed higher, coal will be taxed higher, which means your energy bills will go up. I know one utility whose prices are already up by 20% from last year.

Median salary in the US is $50,000 I think. If any of them by a new electric car, they are spending a year's salary to get one. That is not a smart financial decision. Not to mention upgrading perfectly good appliances that they can't afford.

Or how about people living in apartments? Plenty of them out there. They get nuthin except 87,000 more tax agents coming their way.

[Gepetto 1,395]

[MTSkiBum 1,625]

I am unable to find a good link to the details of what each line item means. For example what does spending 40 billion on " Air Pollution, Hazardous Materials, Transportation and Infrastructure " really mean, or 37 billion on " Individual Clean Energy Incentives "

 

All of the articles that I am able to find are completely worthless.

 

 

[TimmySmith 2,783]

17 minutes ago, MTSkiBum said:

I am unable to find a good link to the details of what each line item means. For example what does spending 40 billion on " Air Pollution, Hazardous Materials, Transportation and Infrastructure " really mean, or 37 billion on " Individual Clean Energy Incentives "

 

All of the articles that I am able to find are completely worthless.

 

 

How would they know?  That money has already headed straight to the donors.

[craftsman 1,045]

This bill has nothing to do with inflation other than it will make it worse most likely.

It's another installment of AOC's green new deal. It's spend and tax. It's grow the government.

We'll never see with our own eyes anything good come from this except for maybe a perscription break for those who need a lot of perscriptions or very expensive ones in 2023. But I'll believe when I see it. But then again, I personally haven't needed one in years. 

[Ron 'Tator Salad' White 121]

How the fock does spending help inflation??

[MTSkiBum 1,625]

9 minutes ago, craftsman said:

This bill has nothing to do with inflation other than it will make it worse most likely.

 

 

2 minutes ago, Ron 'Tator Salad' White said:

How the fock does spending help inflation??

Two different economic organizations say that it will not effect inflation.

 

 

The CBO estimates it will have a “negligible effect on inflation” in 2022, and in 2023 it will change inflation somewhere between 0.1 percentage point lower and 0.1 percentage point higher than it is currently.

...

According to the Penn Wharton Budget Model (PWBM), there’s low confidence the legislation will have any impact on inflation. PWBM is a nonpartisan, research-based organization at the University of Pennsylvania that creates economic analysis of public policy’s fiscal impact.

[TBayXXXVII 2,597]

4 minutes ago, MTSkiBum said:

 

Two different economic organizations say that it will not effect inflation.

 

 

The CBO estimates it will have a “negligible effect on inflation” in 2022, and in 2023 it will change inflation somewhere between 0.1 percentage point lower and 0.1 percentage point higher than it is currently.

...

According to the Penn Wharton Budget Model (PWBM), there’s low confidence the legislation will have any impact on inflation. PWBM is a nonpartisan, research-based organization at the University of Pennsylvania that creates economic analysis of public policy’s fiscal impact.

Conservatives know this bill will do nothing except line the pockets of DC supporters.  Liberals will call this bill a huge success.

[Mike Honcho 5,336]

How come you deficit hawks aren't impressed that the entire things brings down the yearly deficit by 120B? It's almost like it doesn't matter what the Dems do, you are just going to reflexively not like it. 

[Mike Honcho 5,336]

1 hour ago, MTSkiBum said:

I am unable to find a good link to the details of what each line item means. For example what does spending 40 billion on " Air Pollution, Hazardous Materials, Transportation and Infrastructure " really mean, or 37 billion on " Individual Clean Energy Incentives "

 

All of the articles that I am able to find are completely worthless.

 

 

If I recall correctly that's mostly for bridge/road work, but there is 3B put aside for communities that are most affected by nearby highways(noise, pollution...).

[Cdub100 3,957]

I cancel my debt by accruing more debt. Makes sense to me.

[nobody 2,742]

15 minutes ago, Mike Honcho said:

How come you deficit hawks aren't impressed that the entire things brings down the yearly deficit by 120B? It's almost like it doesn't matter what the Dems do, you are just going to reflexively not like it.  

We're supposed to cheer for supposedly smaller budget deficits now? 

Not that we would even see the reduced deficit anyway.  

[nobody 2,742]

49 minutes ago, Ron 'Tator Salad' White said:

How the fock does spending help inflation??

I don't think they know how inflation works.

[Reality 3,121]

1 hour ago, MTSkiBum said:

 

Two different economic organizations say that it will not effect inflation.

 

 

The CBO estimates it will have a “negligible effect on inflation” in 2022, and in 2023 it will change inflation somewhere between 0.1 percentage point lower and 0.1 percentage point higher than it is currently.

...

According to the Penn Wharton Budget Model (PWBM), there’s low confidence the legislation will have any impact on inflation. PWBM is a nonpartisan, research-based organization at the University of Pennsylvania that creates economic analysis of public policy’s fiscal impact.

What a joke.

 

[Reality 3,121]

46 minutes ago, nobody said:

We're supposed to cheer for supposedly smaller budget deficits now? 

Not that we would even see the reduced deficit anyway.  

He should Honcho tag that so he can easily find it when it never happens.

[edjr 6,704]

I always ask "what does it mean"? when any of these things are signed. 

[Cdub100 3,957]

87,000 more IRS agents. I hope everyone enjoys their audits.

[Cdub100 3,957]

1 minute ago, edjr said:

I always ask "what does it mean"? when any of these things are signed. 

It means you better keep close track of your gambling. Because the IRS is gonna take a closer look at what you report and don't report.

[edjr 6,704]

5 minutes ago, Cdub100 said:

It means you better keep close track of your gambling. Because the IRS is gonna take a closer look at what you report and don't report.

How do they know if it's not over the limit you have to claim it?

[Mike Honcho 5,336]

8 minutes ago, Cdub100 said:

87,000 more IRS agents. I hope everyone enjoys their audits.

I don't cheat on my taxes, have no problem with the IRS making sure people pay what they owe.

Tax cheats cost the U.S. $1 trillion per year, I.R.S. chief says.

[Cdub100 3,957]

5 minutes ago, edjr said:

How do they know if it's not over the limit you have to claim it?

Every deposit $600+ into and out of your bank account is reported. 

[Cdub100 3,957]

5 minutes ago, Mike Honcho said:

I don't cheat on my taxes, have no problem with the IRS making sure people pay what they owe.

Tax cheats cost the U.S. $1 trillion per year, I.R.S. chief says.

I don't cheat on my taxes either. But I have enough going on (especially with crypto) to raise my chance of an audit. Have you ever been audited? It's a nightmare even if you're not a cheater..

[edjr 6,704]

4 minutes ago, Cdub100 said:

Every deposit $600+ into and out of your bank account is reported. 

So you're saying I should stop depositing the rent money? WTF will I do with it?

What about when I withdraw 600 for coke?

[Cdub100 3,957]

Grandma gives you $600.01 for your birthday?

Sell some stuff at a garage sale?

Do a little side work for a friend?

Better report every last penny.

[Mike Honcho 5,336]

Just now, Cdub100 said:

I don't cheat on my taxes either. But I have enough going on (especially with crypto) to raise my chance of an audit. Have you ever been audited? It's a nightmare even if you're not a cheater..

Yes I have, and while it wasn't great-I'll take the off chance of an extra audit if it means that more tax cheats are caught and made to pay their fair share. 

[posty 2,771]

He is so Presidential looking...

 

[Cdub100 3,957]

Just now, edjr said:

So you're saying I should stop depositing the rent money? WTF will I do with it?

Nope, I'm just saying the IRS will really crack down on the middle class in the coming years. Better not make any mistakes.

[craftsman 1,045]

1 minute ago, Cdub100 said:

I don't cheat on my taxes either. But I have enough going on (especially with crypto) to raise my chance of an audit. Have you ever been audited? It's a nightmare even if you're not a cheater..

I never do my own taxes so I don't worry about it, but I don't get the timing of throwing this at people now. Especially small businesses. 

 

[Cdub100 3,957]

1 minute ago, Mike Honcho said:

Yes I have, and while it wasn't great-I'll take the off chance of an extra audit if it means that more tax cheats are caught and made to pay their fair share. 

I also believe the cost of hiring all these extra IRS agents will outweigh what they bring in. I do not believe the 1 trillion number. I also think most people are just trying to get by. The last thing the American public needs is the government taxing their birthday money from grandma.

[Baker Boy 1,705]

20 minutes ago, Cdub100 said:

It means you better keep close track of your gambling. Because the IRS is gonna take a closer look at what you report and don't report.

People working for tips should do the same.

[Cdub100 3,957]

2 minutes ago, craftsman said:

I never do my own taxes so I don't worry about it, but I don't get the timing of throwing this at people now. Especially small businesses. 

 

This is to squeeze the American people. You can't "Build back better" unless you have a demolition phase.

[edjr 6,704]

3 minutes ago, Cdub100 said:

Nope, I'm just saying the IRS will really crack down on the middle class in the coming years. Better not make any mistakes.

Where does it say 600? Is that new?

[Baker Boy 1,705]

15 minutes ago, Mike Honcho said:

I don't cheat on my taxes, have no problem with the IRS making sure people pay what they owe.

Tax cheats cost the U.S. $1 trillion per year, I.R.S. chief says.

but you may make an unintentional mistake.

[Cdub100 3,957]

3 minutes ago, edjr said:

Where does it say 600? Is that new?

It looks like they revised it to be if you have 10k coming in and out per year it will get flagged.

https://www.cbsnews.com/news/irs-bank-account-update-change-treasury-10000-dollars/

[Mike Honcho 5,336]

3 minutes ago, Cdub100 said:

I also believe the cost of hiring all these extra IRS agents will outweigh what they bring in. I do not believe the 1 trillion number. I also think most people are just trying to get by. The last thing the American public needs is the government taxing their birthday money from grandma.

I'm not about to argue with what you do or don't believe. 

But if they IRS hired 87K at 100,000 a piece, that would come to 8.7B.  So even if the number is half of 1 trillion and they could recover 33% of it - that's still 165B in recovered funds from tax cheats. I'm good with that. 

[Mike Honcho 5,336]

6 minutes ago, Baker Boy said:

but you may make an unintentional mistake.

I have and have paid a penalty for doing so, and if I make another one, I'll pay whatever penalty comes my way.  

Are we seriously having a discussion that is basically against more law enforcement..for tax cheaters.

[TBayXXXVII 2,597]

12 minutes ago, Mike Honcho said:

if it means that more tax cheats are caught and made to pay their fair share. 

It won't.  The people who are cheating the most, have people to make sure they don't have to pay it.  Willing to bet there's 537 people in Washington DC who are cheating.  Willing to bet 0 of them get caught.

[Cdub100 3,957]

2 minutes ago, Mike Honcho said:

I'm not about to argue with what you do or don't believe. 

But if they IRS hired 87K at 100,000 a piece, that would come to 8.7B.  So even if the number is half of 1 trillion and they could recover 33% of it - that's still 165B in recovered funds from tax cheats. I'm good with that. 

If you want to believe that 1T number I guess that's on you.

[craftsman 1,045]

4 minutes ago, Mike Honcho said:

I'm not about to argue with what you do or don't believe. 

But if they IRS hired 87K at 100,000 a piece, that would come to 8.7B.  So even if the number is half of 1 trillion and they could recover 33% of it - that's still 165B in recovered funds from tax cheats. I'm good with that. 

They gave the IRS $80B from what I understand. Paying the agents is just a portion of it. I don't think they get back anywhere near that.

[Mike Honcho 5,336]

Just now, TBayXXXVII said:

It won't.  The people who are cheating the most, have people to make sure they don't have to pay it.  Willing to bet there's 537 people in Washington DC who are cheating.  Willing to bet 0 of them get caught.

Okay, TBay is down for the solution we shouldn't do anything, cause nothing is ever accomlished. Glad we have heard from the nihilist wing of the GC.