Articles for Inflation Reduction

Column: Young climate voters were tired of Biden. They’ve embraced Harris — mostly
4 months ago

Column: Young climate voters were tired of Biden. They’ve embraced Harris — mostly

LA Times  

Supporters cheer as Democratic presidential nominee Vice President Kamala Harris speaks during a campaign rally in Milwaukee in August. “It’s hard for me as a climate organizer to be in good faith supporting Biden,” Zhou said. That’s precisely what’s going to disappear if we’ve got Trump,” said Bill McKibben, the acclaimed environmentalist, who’s working to mobilize older climate activists through …

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Wealthier homeowners nab billions in tax credits for energy efficiency
4 months, 2 weeks ago

Wealthier homeowners nab billions in tax credits for energy efficiency

Politico  

More than $2 billion went to households earning over $200,000 a year. “It’s a lot of money for relatively low emissions reductions,” Patnaik, director of Brookings’ Center on Regulation and Markets, said of the energy tax credits. In response to E&E News’ findings, a Treasury Department spokesperson said that “the tax credits are largely benefitting the middle class,” adding that …

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Editorial: The Inflation Reduction Act passed in 2022. Why are states lagging behind on energy rebates?
4 months, 3 weeks ago

Editorial: The Inflation Reduction Act passed in 2022. Why are states lagging behind on energy rebates?

LA Times  

American households have claimed more than $8 billion in federal Inflation Reduction Act tax credits to install climate-friendly upgrades such as solar panels and heat pumps. But programs to offer upfront rebates to help bring cleaner energy technology and appliances to low- and middle-income families still aren’t up and running in California and many other states. American households claimed more …

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Inflation Reduction Act can’t take much credit for drop in inflation rate, experts say
55 years ago

Inflation Reduction Act can’t take much credit for drop in inflation rate, experts say

Associated Press  

CLAIM: The Inflation Reduction Act is responsible for the drop in the inflation rate observed in the year following its passage. “The Inflation Reduction Act signed into law a little more than one year ago, has delivered as advertised, as inflation is now down to a manageable level,” reads a post on one left-leaning Facebook page, later adding that voters …

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Yes, inflation is down. No, the Inflation Reduction Act doesn’t deserve the credit
1 year, 4 months ago

Yes, inflation is down. No, the Inflation Reduction Act doesn’t deserve the credit

Associated Press  

WASHINGTON — Even President Joe Biden has some regrets about the name of the Inflation Reduction Act: As the giant law turns 1 on Wednesday, it’s increasingly clear that immediately curbing prices wasn’t the point. “I can’t think of any mechanism by which it would have brought down inflation to date,” said Harvard University economist Jason Furman, who added that …

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IRS says it collected $38 million from more than 175 high-income tax delinquents
1 year, 5 months ago

IRS says it collected $38 million from more than 175 high-income tax delinquents

Associated Press  

WASHINGTON — The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. Last …

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How China Became a Wedge Issue Amid the US Debt Ceiling Nail-Biter
1 year, 7 months ago

How China Became a Wedge Issue Amid the US Debt Ceiling Nail-Biter

The Diplomat  

Against the backdrop of a looming debt default, the U.S. House in late April passed the Limit, Save, Grow Act of 2023, a Republican-led bill proposing to raise the country’s borrowing limit. The partisan debate over China’s role in the debt limit issue centers around three key points: prioritization of payment, government spending cuts, and energy supply chains. The Biden …

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In debt ceiling standoff, COVID era of big spending gives way to new focus on deficit
1 year, 7 months ago

In debt ceiling standoff, COVID era of big spending gives way to new focus on deficit

Associated Press  

WASHINGTON — One outcome is clear as Washington reaches for a budget deal in the debt ceiling standoff: The ambitious COVID-19 era of government spending to cope with the pandemic and rebuild is giving way to a new focus on tailored investments and stemming deficits. While the White House has threatened to veto Republican House Speaker Kevin McCarthy’s debt ceiling …

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In debt ceiling standoff, COVID era of government investment gives way to new focus on deficit
1 year, 7 months ago

In debt ceiling standoff, COVID era of government investment gives way to new focus on deficit

LA Times  

One outcome is clear as Washington seeks a budget deal in the debt ceiling standoff: The ambitious COVID-19 era of government spending to cope with the pandemic and rebuild is giving way to a new focus on tailored investments and stemming deficits. While the White House has threatened to veto the debt ceiling bill of Republican House Speaker Kevin McCarthy, …

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Looking for Inflation Reduction Act rebates to go green? Get ready to wait
1 year, 11 months ago

Looking for Inflation Reduction Act rebates to go green? Get ready to wait

LA Times  

Many Inflation Reduction Act rebates on green technology, such as heat pumps and induction stoves being installed in homes in this Riverside subdivision, went into effect Jan. 1, but homeowners must wait as states work out their distribution programs. For Americans with a New Year’s resolution to trade in their gas furnace or water heater for climate-friendly heat pumps, a …

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Explained | Why is Europe worried about U.S Inflation Reduction Act?
2 years, 1 month ago

Explained | Why is Europe worried about U.S Inflation Reduction Act?

The Hindu  

The story so far: French President Emmanuel Macron, the first foreign leader to be given a state dinner at the Biden White House on December 1, used his two-day visit to the United States to question Joe Biden about clean energy subsidies in the new Inflation Reduction Act, which European countries believe are discriminatory to non-American companies. The IRA subsidies …

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How to read the midterm campaign ads: Dystopian darkness vs. heartwarming biopic
2 years, 3 months ago

How to read the midterm campaign ads: Dystopian darkness vs. heartwarming biopic

Salon  

Control of the House and Senate is in play in this year's midterm elections, with many races too close to call. Exactly what role is played by auxiliary media content surrounding the ads remains an unstudied subject: Think of Pennsylvania GOP candidate Dr. Mehmet Oz's gaffe with "crudités," the revelation of Georgia candidate Herschel Walker's domestic violence issues or his …

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Why Republicans Are Attacking IRS Funding In Biden's Inflation Reduction Act
2 years, 4 months ago

Why Republicans Are Attacking IRS Funding In Biden's Inflation Reduction Act

Huff Post  

The IRS may have unwittingly helped thousands of superrich Americans stash their wealth in offshore "shell banks," a recent U.S. Senate investigation found. But Brockman got around the law by hiding his money in foreign shell companies which he then turned into “shell banks” by registering the shell companies with the IRS as offshore financial institutions. Both institutions argued that …

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Treasury Secretary Yellen gives IRS six months to kickstart its $80billion overhaul
2 years, 4 months ago

Treasury Secretary Yellen gives IRS six months to kickstart its $80billion overhaul

Daily Mail  

Treasury Secretary Janet Yellen is directing the Internal Revenue Service to begin formulating a plan on how to use the $80 billion funds granted by Democrat's Inflation Reduction Act a day after President Biden signed it into law Treasury Secretary Janet Yellen on Wednesday instructed the Internal Revenue Service to begin hatching a plan for the use of $80 billion …

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Biden signs the Inflation Reduction Act that raises $740 billion
2 years, 4 months ago

Biden signs the Inflation Reduction Act that raises $740 billion

Daily Mail  

President Joe Biden signed the Inflation Reduction Act at the White House on Tuesday, injecting $473billion of new spending on climate and healthcare amid concerns it will do little to reduce inflation. President Joe Biden signs the Inflation Reduction Act of 2022 after joking that he 'never had a doubt' he could get all 50 Senate Democrats on board to …

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Inflation Reduction Act may have little impact on inflation
2 years, 4 months ago

Inflation Reduction Act may have little impact on inflation

Associated Press  

WASHINGTON — With inflation raging near its highest level in four decades, President Joe Biden on Tuesday signed into law his landmark Inflation Reduction Act. And the University of Pennsylvania’s Penn Wharton Budget Model concluded that, over the next decade, “the impact on inflation is statistically indistinguishable from zero.” Such forecasts also undercut the arguments that some Republicans, such as …

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House passes Inflation Reduction Act
2 years, 4 months ago

House passes Inflation Reduction Act

Salon  

This article originally appeared at Common Dreams. Democratic proponents of the bill and outside groups have hailed the Inflation Reduction Act as the most significant climate action measure ever passed by U.S. lawmakers, even though the package contains substantial handouts to the fossil fuel industry alongside the slew of tax incentives and subsidies for green energy that could substantially curb …

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What the Inflation Reduction Act does and doesn't do about rising prices
2 years, 5 months ago

What the Inflation Reduction Act does and doesn't do about rising prices

NPR  

What the Inflation Reduction Act does and doesn't do about rising prices Enlarge this image toggle caption Kevin Dietsch/Getty Images Kevin Dietsch/Getty Images The massive climate, health care and tax bill making its way toward President Biden's desk is called the Inflation Reduction Act. "And that's why even Democrats and Republicans, former Treasury secretaries, economists across the board have said …

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Inflation Reduction Act aims to lower costs in multiple areas of the economy
2 years, 5 months ago

Inflation Reduction Act aims to lower costs in multiple areas of the economy

NPR  

Inflation Reduction Act aims to lower costs in multiple areas of the economy A MARTÍNEZ, HOST: Let's turn now to a top economic adviser to President Biden. And that's why even Democrats and Republicans, former Treasury secretaries, economists across the board have said that this bill will make a positive impact on inflation while also tackling some of the biggest …

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Senate Democrats pass budget package, a victory for Biden
2 years, 5 months ago

Senate Democrats pass budget package, a victory for Biden

Associated Press  

WASHINGTON — Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical costs and taxing immense corporations. “Today, Senate Democrats sided with American families over special interests,” President Joe Biden said in a statement …

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U.S. Senate passes Biden’s mega health, climate bill; House to vote next
2 years, 5 months ago

U.S. Senate passes Biden’s mega health, climate bill; House to vote next

The Hindu  

Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical costs and taxing immense corporations. It includes the largest-ever federal effort on climate change — close to $400 billion — caps out-of-pocket drug costs …

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Column: Is the Inflation Reduction Act really a victory for Biden? The outraged GOP acts like it is
2 years, 5 months ago

Column: Is the Inflation Reduction Act really a victory for Biden? The outraged GOP acts like it is

LA Times  

Senate Majority Leader Charles E. Schumer speaks to reporters during a news conference on Thursday about his recent agreement with Sen. Joe Manchin III on the Inflation Reduction Act of 2022. Then almost immediately afterward, Senate Majority Leader Charles E. Schumer and Sen. Joe Manchin announced their Inflation Reduction Act, which is mostly a vastly scaled down version of the …

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