![]() A long-awaited and much-negotiated reconciliation bill may finally be on the verge of passage in the U.S. Senate, months after its original introduction. The legislation would invest up to $369 billion in a series of energy and climate-related programs, while also closing tax loopholes on corporations with revenues in excess of $1 billion and those described as “the richest Americans.” The bill also provides some $80 billion in funding for the Internal Revenue Service to be used to enhance tax enforcement through the hiring of more agents and introduction of new technology designed to pursue tax dodgers. Odds for the bill’s passage have improved with the announcement that West Virginia Senator Joe Manchin, who had earlier criticized the legislation, is now onboard. In a 50-50 Democratic/Republican Senate, Manchin’s support means Vice-President Kamala Harris would cast the tie-breaking, pro-bill, vote. In a joint statement, Manchin and Senate Majority Leader Charles Schumer said the bill, officially called the Inflation Reduction Act of 2022, will “make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production, and manufacturing, and reduce carbon emissions by roughly 40% by 2030.” On the webpage for the Sierra Club, Hebah Kassem, acting director of the group’s Living Economy campaign, said the bill offers “the most significant congressional action to address climate change ever, while also helping address inflation and reducing energy costs for families.” But Kristen Swearingen, vice president of legislative and political affairs for the Associated Builders and Contractors, said in a statement that the legislation as it now stands would “plunge the U.S. economy into a recession.” Swearingen added that “severe tax hikes on American companies would further exacerbate the high materials prices for construction projects, which have increased by 20% during the last 12 months.” Supporters of the legislation say that with a total $433 billion in spending, the legislation is significantly less expensive than the roughly $3 trillion version originally introduced in Congress last year. By Garry Boulard
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