In this file:

 

·         The Schumer-Manchin Tax and Subsidy Pact

New taxes and price controls to pay for green corporate welfare for the politically favored.

 

·         Manchin and the GOP Dupes

Eager for home-state subsidies, they left the door open for his deal with Schumer.

 

 

The Schumer-Manchin Tax and Subsidy Pact

New taxes and price controls to pay for green corporate welfare for the politically favored.

 

By The Editorial Board, The Wall Street Journal

July 28, 2022

 

Talk about bad timing. As the economy slouches near recession, Majority Leader Chuck Schumer and West Virginia Sen. Joe Manchin late Wednesday unveiled a tax-and-spending deal that they call the Inflation Reduction Act. Is their aim to reduce inflation by chilling business investment and the economy?

 

Mr. Manchin is selling the deal as deficit reduction and a rescue for fossil fuels. If he believes this, he hasn’t thought through the impact of the 725-page bill. A more accurate name would be the Business Investment Reduction and Distortion Act since that will be the result of its $433 billion in climate and healthcare spending, and $615 billion in new taxes and drug price-control “savings.”

 

more, with subscription

https://www.wsj.com/articles/the-chuck-schumer-joe-manchin-pact-climate-spending-taxes-bill-democrats-senate-11659045471

 

 

Manchin and the GOP Dupes

Eager for home-state subsidies, they left the door open for his deal with Schumer.

 

By Kimberley A. Strassel, Opinion, The Wall Street Journal

July 28, 2022

 

If good policy makes for good politics, the reverse is also true. Senate Republicans proved that in spades this week, as their lust for home-state handouts paved a runway for President Biden’s long-sought climate, tax and healthcare agenda.

 

Seventeen Republicans on Wednesday helped Democrats pass a $280 billion subsidy blowout for the semiconductor industry. The bill is an embarrassing stew of accountability-free corporate welfare and government spending. This is the priority Senate Minority Leader Mitch McConnell in June vowed to hold hostage so long as Democrats still had the Biden reconciliation agenda—formerly Build Back Better—on the table. Instead, encouraged that West Virginia Democrat Joe Manchin continued to block that front, Republicans figured they might as well cash in...

 

more, with subscription

https://www.wsj.com/articles/manchin-and-the-gop-dupes-schumer-inflation-reduction-act-mcconnell-taxes-inflation-semiconductor-spending-midterms-11659044683