{"id":1610547,"date":"2022-08-17T11:32:10","date_gmt":"2022-08-17T15:32:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1610547"},"modified":"2022-08-17T12:38:39","modified_gmt":"2022-08-17T16:38:39","slug":"manchin-admits-inflation-reduction-act-wont-immediately-reduce-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-admits-inflation-reduction-act-wont-immediately-reduce-inflation\/","title":{"rendered":"Manchin Admits Inflation Reduction Act Won\u2019t \u2018Immediately\u2019 Reduce Inflation"},"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\">18<\/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%2Fmanchin-admits-inflation-reduction-act-wont-immediately-reduce-inflation%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=1610547&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>Sen. <a href=\"https:\/\/www.dailywire.com\/topic\/joe-manchin\" target=\"_blank\" rel=\"noopener\">Joe Manchin<\/a> (D-WV) admitted on Tuesday that the <a href=\"https:\/\/www.dailywire.com\/topic\/inflation-reduction-act\" target=\"_blank\" rel=\"noopener\">Inflation Reduction Act<\/a> would not \u201cimmediately\u201d reduce <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">inflation<\/a>.<\/p>\n<p>The $740 billion piece of legislation, <a href=\"https:\/\/www.dailywire.com\/news\/biden-signs-740-billion-inflation-reduction-act\">signed<\/a> this week by President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a>, was made possible by a <a href=\"https:\/\/www.dailywire.com\/news\/joe-manchin-revives-bidens-agenda-agrees-to-democrat-package-of-tax-increases-and-climate-spending\">deal<\/a> between Manchin and Senate Majority Leader Chuck Schumer (D-NY). When asked by <a href=\"https:\/\/www.foxbusiness.com\/politics\/manchin-admits-inflation-reduction-act-wont-tame-inflation-americans-anytime-soon\">Fox News<\/a> reporter Hillary Vaughn whether the title of the law is misleading given its lack of effect on the price of staple goods, Manchin replied, \u201cWhy would it?\u201d<\/p>\n<p>\u201cWell, immediately it\u2019s not,\u201d Manchin added. \u201cWe\u2019ve never [said] anything would happen immediately, like turn the switch on and off.\u201d<\/p>\n<p>Indeed, a recent <a href=\"https:\/\/www.dailywire.com\/news\/democrat-inflation-reduction-act-could-slightly-increase-inflation-over-next-two-years-study-finds\">study<\/a> from nonpartisan economists at the University of Pennsylvania\u2019s Wharton School found that the Inflation Reduction Act would have an impact on price levels \u201cstatistically indistinguishable from zero\u201d despite its high price tag. The Consumer Price Index (CPI) has risen 8.5% year-over-year as of July, according to a report released last week by the <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">Bureau of Labor Statistics<\/a>.<\/p>\n<p>Manchin nevertheless claimed that the new law will produce savings over a decade-long time horizon, especially with respect to climate provisions such as <a href=\"https:\/\/www.dailywire.com\/news\/bidens-inflation-bill-made-7500-electric-vehicle-tax-credits-ford-and-gm-just-raised-their-prices-by-the-same-amount\">electric vehicle<\/a> and solar panel tax credits.<\/p>\n<p>\u201cThat\u2019s not going to be overnight. They have incentives to do that, to help them,\u201d Manchin said. \u201cTrust me, if you have something going bad in your home where you\u2019re replacing it, and you have some assistance you\u2019re thinking of, that might be of help.\u201d<\/p>\n<p>Widely perceived as one of the most moderate Democrats in an evenly divided Senate, Manchin has previously opposed efforts to expand <a href=\"https:\/\/www.dailywire.com\/news\/democrat-joe-manchin-to-oppose-partys-abortion-bill\">abortion<\/a>, enforce <a href=\"https:\/\/www.dailywire.com\/news\/top-democratic-senator-comes-out-against-bidens-vaccine-mandate-supports-legislation-to-overturn\">vaccine mandates<\/a>, and carry out other elements of the Biden administration\u2019s agenda.<\/p>\n<p>West Virginia supported former President Donald Trump over President Joe Biden by a margin of 68.6% to 29.7%, according to <a href=\"https:\/\/www.nbcnews.com\/politics\/2020-elections\/west-virginia-president-results\">NBC News<\/a>, reflecting a hesitancy toward the current commander-in-chief\u2019s policies.<\/p>\n<p>The Inflation Reduction Act includes roughly $369 billion in funds meant to combat climate change through renewable energy solutions. West Virginia was responsible for 13% of the nation\u2019s coal production as of 2020, according to the <a href=\"https:\/\/www.eia.gov\/energyexplained\/coal\/where-our-coal-comes-from.php\">Energy Information Administration<\/a>, outranking every state with the exception of Wyoming.<\/p>\n<p>According to one recent analysis from the <a href=\"https:\/\/taxfoundation.org\/book-minimum-tax-analysis\/\">Tax Foundation<\/a>, the 15% book minimum tax provision enacted by the Inflation Reduction Act will cost the mining sector 4.6% of pretax income. \u201cThe book minimum tax affects industries very differently, some of which may be unintended, reflecting a tax proposal that has not been fully vetted,\u201d the analysis observed.<\/p>\n<p>The legislation also includes $80 billion in funds to hire 87,000 new Internal Revenue Service employees \u2014 a provision that top Biden administration officials claim will not be used to increase audits for taxpayers or small businesses earning less than $400,000. \u201cI direct that any additional resources \u2014 including any new personnel or auditors that are hired \u2014 shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels,\u201d Treasury Secretary Janet Yellen <a href=\"https:\/\/www.dailywire.com\/news\/janet-yellen-vows-irs-audits-wont-rise-for-middle-income-americans-but-theres-a-catch\">told<\/a> IRS Commissioner Charles Rettig in a recent letter.<\/p>\n<p>A preliminary assessment from the Congressional Budget Office, however, <a href=\"https:\/\/www.dailywire.com\/news\/heres-how-much-bidens-twice-as-large-irs-could-take-from-the-middle-class\">confirmed<\/a> that at least $20 billion of the projected $124 billion in new revenue the new IRS assets are slated to collect will come from the middle class.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Joe Manchin (D-WV) admitted on Tuesday that the Inflation Reduction Act would not \u201cimmediately\u201d reduce inflation. The $740 billion piece of legislation, signed this week by President Joe Biden, was made possible by a deal between Manchin and Senate Majority Leader Chuck Schumer (D-NY). When asked by Fox News reporter Hillary Vaughn whether the &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1611042,"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-1610547","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\/1610547","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1610547"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1610547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1611042"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1610547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1610547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1610547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}