"Inflation Reduction" Bill signed

[Cdub100 3,957]

1 minute ago, Mike Honcho said:

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.

It's probably because we have different perspectives. I think the government taxes us far too much to begin with. I don't agree with the income tax and many other wealth steal laws that have been put in place.

[Bert 1,128]

8 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 will not recover nearly that much and the cost per agent will be much higher when you figure in computers, office space, benefits and pension expenses.  

Most of the "agents" are likely to be administrative and not auditors.  The IRS is hugely dysfunctional and disorganized.

[TBayXXXVII 2,597]

6 minutes ago, Mike Honcho said:

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.

 

Just saying that what you think will happen... won't.  Catching the cheaters would be great, but let's be honest, they're not even going to recoup one-quarter of 1% of that $1T number.  They're going to go after the middle class.  Based on Obama's last coalition with the IRS, my guess is that the majority of the middle class they go after, are registered Republican's.

[KSB2424 3,148]

One could just simplify the tax code.  

[Reality 3,121]

12 minutes ago, Bert said:

They will not recover nearly that much and the cost per agent will be much higher when you figure in computers, office space, benefits and pension expenses.  

Most of the "agents" are likely to be administrative and not auditors.  The IRS is hugely dysfunctional and disorganized.

This. 

[KSB2424 3,148]

87,000 agents at the border would help.  

[Baker Boy 1,705]

37 minutes ago, Mike Honcho said:

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.

 

We need to simplify the tax code. 100 years of special interest loopholes has to end. Why does Washington refuse to address this.

In 1913, the federal income tax started as four pages of forms and instructions. Today, the income tax code spans more than 70,000 pages and influences virtually every decision we make.

The Income Tax Code Span…

———_——————

Sinema among top private equity cash recipients as she removed billionaire tax loophole from Manchin bill

The carried interest tax provision was removed from the Inflation Reduction Act as part of her approval of the bill

https://www.foxnews.com/politics/sinema-top-private-equity-cash-recipients-removed-billionaire-tax-loophole-manchin-bill.amp

[craftsman 1,045]

3 hours 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.

I've heard defenders of this bill say that it's a long term investment bill. None of them could defend the name of the bill. But when inflation does come down eventually for reasons aside from this bill, they will take credit. 

 

[Hardcore troubadour 15,627]

Remember when Trump stood at the podium and took questions from a hostile press corps? Biden won’t even take questions from a fawning press about a bill he asked for and just signed. Off on another vacation.  

[Djgb13 2,339]

“85% of Americans think the country is going in the wrong direction”

Biden: “No they don’t. You haven’t found one person who thinks that” 

 

 

https://www.tiktok.com/t/ZTRyt54Yc/

[JustinCharge 2,397]

i dont know whats more frightening.  the fact that Biden just signed a huge SPENDING bill to try to stop inflation, or the fact that the MSM isn't even questioning this insanity.  30 years ago, the MSM would laugh at this.

[JustinCharge 2,397]

2 hours ago, Mike Honcho said:

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.

 

10101011011001 liberal bot personal attack.  beep boop.

dont even respond to this garbage.

[Hardcore troubadour 15,627]

3 hours 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.

So you have no problem with stop, question and frisk then? What’s the big deal if you’re not doing anything wrong? 

[Baker Boy 1,705]

Trudeau celebrates Canadian windfall from Biden signing Inflation Reduction Act

Inflation Reduction Act includes tax credits for purchasing electric vehicles manufactured in North America

https://www.foxnews.com/world/trudeau-celebrates-canadian-windfall-biden-signing-inflation-reduction-act

[Horseman 2,622]

5 hours ago, posty said:

He is so Presidential looking...

 

JFC.  Manchin is like, what are you handing the pen to me for?

[nobody 2,744]

1 minute ago, Horseman said:

JFC.  Manchin is like, what are you handing the pen to me for?

Isn't the pen that's used to sign bills supposed to be a keepsake?

[KSB2424 3,148]

2 minutes ago, Horseman said:

JFC.  Manchin is like, what are you handing the pen to me for?

It’s not even funny.  Biden needs to be at home spending his golden years with his family. It’s sad. 

[Horseman 2,622]

7 hours 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.

According to the Tax Foundation:

Quote

 

The Inflation Reduction Act (IRA), successor to the House-passed Build Back Better Act of late 2021, has been touted by President Biden to, among other things, help reduce the country’s crippling inflation. Using the Tax Foundation’s General Equilibrium Model, we estimate that the Inflation Reduction Act would reduce long-run economic output by about 0.2 percent and eliminate about 29,000 full-time equivalent jobs in the United States. It would also reduce average after-tax incomes for taxpayers across every income quintile over the long run.

By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy.

 

 

[Horseman 2,622]

GUYS! 

We have to keep looking at this as the glass half full.  Biden is done, there is no more spending, or any other Dem dream programs, that are going to get passed in the next two years.  He is gridlocked in a lame duck presidency from here on out after November.  And this was what, only a third of what the BBB wanted?  Even Manchin and Sinema had to sign onto something before November.  

Everyone's taxes are going to go up as a result of this, it's a fact we have to face.  But it's not anywhere near as bad as the original BBB was.  It sucks that corporations are going to pass down the tax they have to pay to everyone, and I'm not happy about taxes on company stock buybacks, but again, it's waaaaay better than having all the tax loopholes closed that the original BBB had in it.  We can live with this.

 

 

[craftsman 1,045]

3 hours ago, Horseman said:

GUYS! 

We have to keep looking at this as the glass half full.  Biden is done, there is no more spending, or any other Dem dream programs, that are going to get passed in the next two years.  He is gridlocked in a lame duck presidency from here on out after November.  And this was what, only a third of what the BBB wanted?  Even Manchin and Sinema had to sign onto something before November.  

Everyone's taxes are going to go up as a result of this, it's a fact we have to face.  But it's not anywhere near as bad as the original BBB was.  It sucks that corporations are going to pass down the tax they have to pay to everyone, and I'm not happy about taxes on company stock buybacks, but again, it's waaaaay better than having all the tax loopholes closed that the original BBB had in it.  We can live with this.

 

 

The democrats, including king Biden himself, are going on a national tour to say how great this is. 

Freaking gross they are trying to sell this to the people after the fact so they can get votes for midterms. I hope liberals wake up. Most likely a dream that will never come true. 

[Sean Mooney 1,999]

So the GOP attack wagon has moved to the IRS now I see. 

[Mike Honcho 5,336]

15 hours ago, Hardcore troubadour said:

So you have no problem with stop, question and frisk then? What’s the big deal if you’re not doing anything wrong? 

In theory, there isn't a problem with stop and frisk, I mean it's not unconstitutional. The problem though is that humans are subject to their own biases and it's pretty tough for a person to "randomly" pick people out.  While I don't agree with the legal reasoning behind drunk driving checkpoints, those are pretty fair...every is stopped, asked a few questions(least the two I went through) and then go on their way if they don't give the police PC. Same thing with random audits, basically it's the unluckiest lottery--but if it's random, then it's the same for everyone.  

If stop and frisk were truly random, then it probably wouldn't have been ruled unconstitutional in NYC. 

ETA: I have no idea of the effectiveness of the stop and frisk programs, they may have been just a giant waste of time.

[RLLD 4,275]

More actions by Democrats that will disproportionately harm marginalized communities....  they really never stopped being the vile racists from which that party arose. 

[Sean Mooney 1,999]

15 minutes ago, RLLD said:

More actions by Democrats that will disproportionately harm marginalized communities....  they really never stopped being the vile racists from which that party arose. 

The "tax cheats" community is marginalized?

[Bert 1,128]

How is increasing the tax on imported crude 280% not a tax increase and how is it going to reduce prices?

[RLLD 4,275]

1 hour ago, Sean Mooney said:

The "tax cheats" community is marginalized?

If they are cheating then they get caught right? So lets pretend, for a moment, that this "cheating" to which you refer is something outside of the law and not simple smart people using what the law provides to keep their hard earned money.....fine, go get them.....but we already know that the real problem is the complicated rules, and not that people are cheating.

So, we spend more money we do not have to hire more people we do not need to maybe generate some additional revenue.....moreover, the raising of taxes is going to further harm historically marginalized people.  You see when taxes rise, that cost is passed along to the consumer.....and those of means simply pay it, but those already living week to week, get hurt more....this is very simple stuff, and that you do not get it demonstrates the stupidity portion of the problem

[Sean Mooney 1,999]

2 minutes ago, RLLD said:

If they are cheating then they get caught right? So lets pretend, for a moment, that this "cheating" to which you refer is something outside of the law and not simple smart people using what the law provides to keep their hard earned money.....fine, go get them.....but we already know that the real problem is the complicated rules, and not that people are cheating.

So, we spend more money we do not have to hire more people we do not need to maybe generate some additional revenue.....moreover, the raising of taxes is going to further harm historically marginalized people.  You see when taxes rise, that cost is passed along to the consumer.....and those of means simply pay it, but those already living week to week, get hurt more....this is very simple stuff, and that you do not get it demonstrates the stupidity portion of the problem

Ah the old slippery slope fallacy that the GOP is throwing out there. You just missed that the agents will be armed going after people. 

[Hardcore troubadour 15,627]

The slippery slope is a fallacy now? No merit to it at all? 

[RLLD 4,275]

5 minutes ago, Sean Mooney said:

Ah the old slippery slope fallacy that the GOP is throwing out there. You just missed that the agents will be armed going after people. 

Thank you for that standard leftist dodge when accurate assessment finds you.   I expected no less. 

[TBayXXXVII 2,597]

1 hour ago, Sean Mooney said:

So the GOP attack wagon has moved to the IRS now I see. 

Right, because this never happened, right?  https://www.npr.org/2017/10/27/560308997/irs-apologizes-for-aggressive-scrutiny-of-conservative-groups

[RLLD 4,275]

1 minute ago, TBayXXXVII said:

Right, because this never happened, right?  https://www.npr.org/2017/10/27/560308997/irs-apologizes-for-aggressive-scrutiny-of-conservative-groups

The IRS, the FBI and even the CIA have been weaponized by Democrats to attack Republicans, but that is OK because as long as you declare your loyalty to the party you can get away with anything, and absolutely with actions that Republicans are assailed for......

[TBayXXXVII 2,597]

Just now, RLLD said:

The IRS, the FBI and even the CIA have been weaponized by Democrats to attack Republicans, but that is OK because as long as you declare your loyalty to the party you can get away with anything, and absolutely with actions that Republicans are assailed for......

Exactly

[Sean Mooney 1,999]

4 minutes ago, RLLD said:

Thank you for that standard leftist dodge when accurate assessment finds you.   I expected no less. 

You can't attack insanity.

"some additional revenue"- should we not look to close some of that money that is missed on taxes?

and the problem of course is that the consumer gets hit- not that the big companies can't take a little less on profits.

The fact that you guys excuse the corporations from their role in this is the stupidity that is part of the problem. 

[Sean Mooney 1,999]

You guys painting this narrative that the GOP party is the David to the Goliath of everyone else against them is some fantasy nonsense you are all constructing. 

[RLLD 4,275]

Just now, Sean Mooney said:

You can't attack insanity.

"some additional revenue"- should we not look to close some of that money that is missed on taxes?

and the problem of course is that the consumer gets hit- not that the big companies can't take a little less on profits.

The fact that you guys excuse the corporations from their role in this is the stupidity that is part of the problem. 

"Attack insanity"? Non sequitur

Perhaps instead you can speak to the points?  Just a thought....

Perhaps you have never had the pleasure of working with government agencies.  Those people they are declaring for hire are not agents by the way, they are office workers, and the best we can hope for is that they follow the standard of doing next to nothing because they will not be able to secure money to pay for their presence unless the law changes....really that simple.  This is just a Democrat move to villainize those who have achieved under the false premise that if they have been successful they must be evil   its little more than a ploy to get some votes under the pretense of morality, and many are stupid enough tp fall for it

I see that your position is to lower profits, a further indication of your lack of awareness of how the world works, and explains your ignorance in supporting this BS

Corporations live in the economic world, and no they should not be expected to absorb the bad policies of Democrats, COGS has ALWAYS passed taxes to the consumer.....this is simple stuff, and the share holders damn well expect it, as they should

[RLLD 4,275]

4 minutes ago, Sean Mooney said:

You guys painting this narrative that the GOP party is the David to the Goliath of everyone else against them is some fantasy nonsense you are all constructing. 

I don't care who is doing it, the bottom line is that this is all exceptionally stupid.  And would still be stupid if and when Republicans do it.

Its not about which party does what, its about the actual thing being done here, which is not helpful but is hurtful, and no one on the left seems to know this or care.....that is nuts

[Sean Mooney 1,999]

I'll never understand a common person excusing corporations of any role in things. Corporate fandom is real apparently. 

[Hardcore troubadour 15,627]

2 hours ago, Mike Honcho said:

In theory, there isn't a problem with stop and frisk, I mean it's not unconstitutional. The problem though is that humans are subject to their own biases and it's pretty tough for a person to "randomly" pick people out.  While I don't agree with the legal reasoning behind drunk driving checkpoints, those are pretty fair...every is stopped, asked a few questions(least the two I went through) and then go on their way if they don't give the police PC. Same thing with random audits, basically it's the unluckiest lottery--but if it's random, then it's the same for everyone.  

If stop and frisk were truly random, then it probably wouldn't have been ruled unconstitutional in NYC. 

ETA: I have no idea of the effectiveness of the stop and frisk programs, they may have been just a giant waste of time.

Nothing was ruled unconstitutional. 

[Hardcore troubadour 15,627]

4 minutes ago, Sean Mooney said:

I'll never understand a common person excusing corporations of any role in things. Corporate fandom is real apparently. 

You think 87 k more IRS agents are being hired to go after corporations? Also, the democrats are the corporate party now. 

[Sean Mooney 1,999]

And yes- if people are underpaying, skipping taxes, or just outright not paying them....too bad- IRS makes you pay. Boo hoo.