{"id":1594376,"date":"2022-08-08T11:49:48","date_gmt":"2022-08-08T15:49:48","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1594376"},"modified":"2022-08-08T11:50:03","modified_gmt":"2022-08-08T15:50:03","slug":"tax-hikes-in-manchin-biden-bill-will-crush-middle-class-americans-and-manufacturers-say-critics-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-hikes-in-manchin-biden-bill-will-crush-middle-class-americans-and-manufacturers-say-critics-2\/","title":{"rendered":"Tax Hikes in Manchin\u2013Biden Bill Will Crush Middle-Class Americans and Manufacturers, Say Critics"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftax-hikes-in-manchin-biden-bill-will-crush-middle-class-americans-and-manufacturers-say-critics-2%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1594376&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Joe Biden and the Senate <a href=\"https:\/\/www.theepochtimes.com\/t-democrats\">Democrats<\/a>, on Aug. 7, pushed through the Inflation Reduction Act of 2022, which they claim will fight\u00a0<a href=\"https:\/\/www.theepochtimes.com\/t-inflation\">inflation<\/a>, lower the federal deficit, and support the green economic polices that they claim will generate economic growth.<\/p>\n<p>The vote was 51\u201350, with Vice President Kamala Harris casting the tie-breaking vote.<\/p>\n<p>The Senate is scheduled next week to begin voting on a reconciliation bill with the House that may put all of the <a href=\"https:\/\/www.theepochtimes.com\/t-build-back-better\">Build Back Better<\/a> tax and spending increases back on the table.<\/p>\n<p>The bill is a slimmed-down version of the original\u00a0Build Back Better\u00a0plan that failed to pass last year, and many critics are questioning if it will achieve any of its goals, after several studies reviewing the bill came out.<\/p>\n<p>The Democrats claim that it will raise $739 billion in new revenue, create $370 billion in spending on energy and <a href=\"https:\/\/www.theepochtimes.com\/t-climate-change\">climate change<\/a>, and remove $300 billion from the federal deficit.<\/p>\n<p>The revised bill gained traction after Sen. Joe Manchin (D-W. Va.) expressed support\u00a0for it last week after gaining some concessions after stopping the Build Back Better bill last year.<\/p>\n<p>After Manchin made his deal with the Democrat Senate leadership, Sen. Kyrsten Sinema (D-Ariz.) said she would support the bill on Aug. 5, after gaining minor concessions.<\/p>\n<p> What\u2019s in the Bill? <\/p>\n<p>The so-called \u201cSchumer\u2013Manchin Bill\u201d will propose a 15 percent corporate minimum tax rate, prescription drug price controls, a $25 billion tax on the oil and gas industry, an expanded Internal Revenue Service (IRS), and closure of the carried interest loophole to pay for \u201cgreen\u201d energy investments and additional Affordable Care Act subsidy extensions.<\/p>\n<p>The new act proposes to inject $750 billion into an economy already dealing with skyrocketing inflation due to trillions of dollars of pandemic-related stimulus injections and supply-chain chaos.<\/p>\n<p>\u201cDemocrats are opening brand-new loopholes for<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden and the Senate Democrats, on Aug. 7, pushed through the Inflation Reduction Act of 2022, which they claim will fight\u00a0inflation, lower the federal deficit, and support the green economic polices that they claim will generate economic growth. The vote was 51\u201350, with Vice President Kamala Harris casting the tie-breaking vote. The Senate [\u2026]<\/p>\n","protected":false},"author":327,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1594376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1594376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/327"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1594376"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1594376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1594376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1594376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1594376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}