While Colorado’s U.S. senators are taking a victory lap after passing a bill heralded as the largest climate change investment in history, the Republican nominee challenging Michael Bennet is…
While Colorado’s U.S. senators are taking a victory lap after passing a bill heralded as the largest climate change investment in history, the Republican nominee challenging Michael Bennet is labeling it a tax on lower-income Americans.
Bennet and U.S. Sen. John Hickenlooper, both Democrats, celebrated the Inflation Reduction Act’s passage of their chamber at City Park Monday afternoon. Earlier in the day, O’Dea and the rest of the Republican slate for statewide office held a press conference outside his business where he slammed it. Senate Democrats boast the bill only raises taxes on high income earners and the largest corporations, while pushing down carbon emissions by 40% in the next decade,. It also achieves a longstanding goal of the party in allowing Medicare to negotiate pharmaceutical prices. “This is the single greatest climate rescue initiative in the history of the planet,” Hickenlooper said Tuesday afternoon. He waslong after many pundits had written it off. “No other country has ever done something this massive. But we can’t just pat ourselves on the back. This isn’t the end of anything. It’s the beginning.” The bill also establishes a 15% minimum tax on the country’s largest corporations. Bennet heralded the provision as a reversal of trickle-down economics that has long dominated economic theory on the right, including tax cuts signed by President Donald Trump in 2017. However, that tax has been criticized by some economists as extra costs that will end up being passed on to consumers and workers,. They cite an analysis by the Joint Committee on Taxation. That has earned its own rebuttal as not accounting for subsidies and cost controls on things like medication that will benefit people, the financial network reported. “The fun part about this is, you can get a different answer depending on who you ask,” John Buhl, an analyst at the Urban-Brookings Tax Policy Center, told CNBC. O’Dea is clear on where he stands. He noted it’s still not necessarily the final bill — it still needs to pass the House, at least — but that there aren’t any provisions he’s seen that he’s really liked. “It’s a tax, and working Americans right now, in a recession, they can’t afford a tax,” O’Dea said Tuesday morning. “That’s my main beef with it. We don’t need to be spending more money and then collecting it from working Americans right here in Colorado. So it’s a tax.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mandela Barnes Wins Dem Senate Nomination in WisconsinBREAKING: Mandela Barnes has clinched the Democratic Senate nomination in Wisconsin, setting up a face-off against Sen. Ron Johnson in a race that could determine control of the Senate.
Read more »
Takeaways: Johnson vs. Barnes in premier US Senate raceSen. Ron Johnson will take on Wisconsin's Democratic lieutenant governor in November in one of the most closely watched Senate races. Vermont voters are poised to send a woman to Congress for the first time. Here's takeaways from Tuesday's primary races.
Read more »
'Let's Send Ron Johnson Packing': Mandela Barnes Wins Wisconsin Senate Primary'We're going to the Senate to rebuild the middle class,' said Barnes. 'We're going to protect the right to choose. We're going to fight to make the American Dream an American reality.'
Read more »
Analysis | Why the Inflation Reduction Act passed the Senate but cap-and-trade didn'tMany factors converged to spell the cap-and-trade bill's demise, including the Great Recession and opposition from industry interests.
Read more »
Opinion | A Border Security Ruse in the SenateFrom WSJopinion: Thanks to a legislative maneuver, Senate Democrats plan to tout their support for border security despite knowingly working against it
Read more »