FreedomRing
on August 17, 2022 11 views
Per New York Times: August 16 - President Biden on Tuesday signed a long-awaited bill meant to reduce health costs, reduce greenhouse gas emissions and raise taxes on corporations and wealthy investors, capping more than a year of on-again, off-again negotiations and cementing his early economic legacy. “This bill is the biggest step forward on climate ever,” Mr. Biden said, after drawing a standing ovation from a White House crowd filled largely with aides and allies. The bill, which Democrats named the Inflation Reduction Act, invests $370 billion in spending and tax credits in low-emission forms of energy to fight climate change. It extends federal health-insurance subsidies, allows the government to negotiate prescription drug prices for seniors on Medicare and is expected to reduce the federal budget deficit by about $300 billion over 10 years. The legislation would increase taxes by about $300 billion, largely by imposing new levies on big corporations. The law includes a new tax on certain corporate stock repurchases and a minimum tax on large firms that use deductions and other methods to reduce their tax bills. It also bolsters funding for the Internal Revenue Service in an effort to crack down on tax evasion and collect potentially hundreds of billions of dollars that are currently owed to the government but not paid by high earners and corporations.
Per Wikipedia: Joseph Robinette Biden Jr. was born November 20, 1942 and is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009. Biden was born and raised in Scranton, Pennsylvania, moving with his family to New Castle County, Delaware, in 1953 when he was ten. He studied at the University of Delaware before earning his law degree from Syracuse University in 1968. He was elected to the New Castle County Council in 1970 and became the sixth-youngest senator in U.S. history after he was elected to the United States Senate from Delaware in 1972, at age 29. Biden was the chair or ranking member of the Senate Foreign Relations Committee for 12 years and was influential in foreign affairs during Obama's presidency. He also chaired the Senate Judiciary Committee from 1987 to 1995, dealing with drug policy, crime prevention, and civil liberties issues; and oversaw six U.S. Supreme Court confirmation hearings, including the contentious hearings for Robert Bork and Clarence Thomas. He ran unsuccessfully for the Democratic presidential nomination in 1988 and 2008. Biden was reelected to the Senate six times and was the fourth-most senior sitting senator at the time when he became Obama's vice president after they won the 2008 presidential election, defeating John McCain and his running mate Sarah Palin. Obama and Biden were reelected in 2012, defeating the Republican ticket of Mitt Romney and Paul Ryan. During eight years as vice president, Biden leaned on his Senate experience and frequently represented the administration in negotiations with congressional Republicans, including on the Budget Control Act of 2011, which resolved a debt ceiling crisis, and the American Taxpayer Relief Act of 2012, which addressed the impending "fiscal cliff". He also oversaw infrastructure spending in 2009 to counteract the Great Recession. On foreign policy, Biden was a close counselor to the president and took a leading role in designing the withdrawal of U.S. troops from Iraq in 2011. In 2017, Obama awarded Biden the Presidential Medal of Freedom with Distinction. Biden and his running mate Kamala Harris defeated incumbent president Donald Trump and vice president Mike Pence in the 2020 presidential election. He is the oldest president and the first to have a female vice president.
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