Elon Musk’s VIOLENT Reaction OF Joe Biden’s IRS $80B Overhaul!
Elon Musk’s VIOLENT Reaction OF Joe Biden’s IRS $80B Overhaul!
Elon Musk’s VIOLENT Reaction OF Joe Biden’s IRS $80B Overhaul! Do they part ways?
Hi guys! Welcome to Elon Musk Evolution. Today we will be taking a look at Elon Musk’s latest dig at Joe Bidens IRS $80B overhaul. Make sure to stick till the end of this video as we have a lot to cover. Also don’t forget to subscribe to our channel and like todays video, it helps us a long way.
The massive climate, health care and tax bill making its way toward President Biden’s desk are called the Inflation Reduction Act. The people were positive that it will be passed. The White House communicates that the roughly $700 billion package will handle inflation in two key ways: by lowering energy and health care costs for families and by helping to reduce the deficit.
“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 and long-standing issues facing our country, like prescription drugs and like tackling climate change,” said Brian Deese, director of the National Economic Council, in an interview this week with NPR’s Morning Edition.
How will this bill bring down inflation?
The bill will make small and simple steps to help bring inflation back to normal levels, said Shai Akabas, the director of economic policy at the Bipartisan Policy Center. There are three primary ways the bill targets growing prices, according to Akabas.
First, it aims to decrease the federal deficit, which is the difference between how much the U.S. government spends and how much it produces through taxes and revenue. When there’s less money floating in the economy, it generates less demand and fewer price hikes, Akabas said. Second, it will promote the production of specific goods, primarily renewable energy.
If supply is more than demand it could help lower some costs over time, he added. Third and more importantly, one provision of the bill will help restrict the price growth of certain prescription drugs by permitting Medicare to bargain their cost with pharmaceutical companies. However, some of the greatest drivers of inflation, including food and energy costs, are not presently addressed.
What changes we might see shortly after the bill has been passed?
Economists and experts don’t see a quick solution to inflation through this bill, yet, there is a range of measures to help with high costs. The bill provides a number of tax credits for people who switch to cleaner energy sources, such as rooftop solar panels and electric cars.
By the end of the decade, Democrats predict that these incentives, which will go into effect in 2023, will result in a 40% reduction in greenhouse gas emissions from 2005 levels. Funding for the Internal Revenue Service will increase, with a focus on enhancing customer support and tax enforcement.
According to Akabas, the investment could help ease some of the issues with slow response times or processing tax refunds. Additionally, it might lead to a rise in the amount of taxes that are currently due but unpaid. Millions of Americans will be benefitted from subsidies that support rising health insurance premiums that were slated to expire next year.
The bill will put a $2,000 annual cap on prescription drugs for patients with a limited budget, insured by Medicare.
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