Former U.S. Congresswoman Donna Edwards and venture capitalist Kevin O’Leary join CNBC’s ‘Squawk Box’ to debate how the Inflation Reduction Act will impact the U.S. economy. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
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So let's compare the future price of a gallon of ordinary water first if we DON'T spend the money now fighting climate change, and THEN if we DO spend the money now fighting climate change? Think about it. Take your time.
The best name for this act would be “Police State and Deflation Prevention Act”.
If the government would completely get out of the economy, natural market forces would correct the inflation created by the government in the first place.
The biggest problem is the IRS increases. Regardless what they say, this is targeted at the common folk and not the rich!
Does not reduce inflation or fix climate even slightly.
We the bill.
Dictator voters prove they are not bright.
tired of hearing how its a big win for the president, eff that dude what about a win for the average american??
It’s a crime. There is no debate.
FJB
Honestly idk what qualifies Kevin O Leary to speak on this
Kevin O'Leary really speaks past the issue and right to idiot listeners who think in simplicity. "Taxing" the rich is the easy solution.
Everytime the democrats say their gonna tax the rich, they end up taxing us
All he spoke about was politics, but he's not political.
Pelosi: ‘We Have $60 Billion for Diversity, as We Meet the Challenge of the Climate Crisis’ in the Inflation Reduction Act
Wtf ??
President Biden is fixing the country, and rich people don't like it.
This bill’s tax burden would fall disproportionately on the poorest households.
Adding onto this burden, the JCT analysis estimates that the tax burden would fall disproportionately on the poorest households. Specifically, households with less than $10,000 in income would see their tax burden rise by 3.1%, compared to just 0.4% for those earning above $200,000 in the bill’s first year. Estimates of future burdens yield similar results, with the lowest income households seeing the largest percentage increase in tax burden.
Indeed, taxpayers of all levels would see an increase in their burdens under this bill.
The JCT report most likely attempts to estimate the tax incidence of the bill’s provisions, rather than just a static look at who the new taxes are directly levied on.
The tax incidence evaluates who bears the actual burden of a tax. For instance, the corporate tax increase’s burden will fall on workers in the form of suppressed wages and lost jobs. The tax on crude oil will be passed along to customers in higher gas prices.
At a time when the low income communities are being mercilessly hammered by inflation, the so-called Inflation Reduction Act would both make inflation worse and increase the tax burden borne by those who can least afford it.
If you want a new heat pump buy one. Don’t expect everyone else to help you pay for it you fmoron. No true price discovery on anything.
The Inflation Reduction Act is not going to increase, nor decrease inflation.
It pays for itself, and is a rather small package compared to what’s needed.
All the fixes to Medicare were necessary. The tax credits for renewable was necessary.
Naturally, a billionaire that GOD FORBID has to pay another nickel in tax isn’t gonna like it. He showed just how out of touch he is with the average American.
“Inflation is caused when the money supply in an economy grows at faster rate than the economy’s ability to produce goods and services.” – St. Louis Federal Reserve. We shut many parts of the economy and gave people bags of cash. Too many dollars chasing too few goods = inflation. “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…. I believe that banking institutions are more dangerous to our liberties than standing armies….” -Thomas Jefferson
The Inflation Reduction Act Scam wont reduce inflation but it will increase inflation and create 87,000 new arm IRS thugs to rob the middle class.
This clown talking about people buying a heat pump when there are many having trouble affording food