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NEW YORK CITY – Rep. Alexandria Ocasio-Cortez’s constituents weighed in on how Democrats removed a proposed tax hike affecting billionaires from the Inflation Reduction Act in order to pass the massive spending bill and its climate initiatives.
“The billionaires are the people with the power to really change whatever it is that we’re trying to change,” one man, Daniel, told Fox News. “We shouldn’t vote for it if that’s something that’s not being addressed.”
But another man, Paul, said: “Passing a bill for environment—anything that would help climate change, I’m for it. If the rich get a break, big deal.”
The Senate on Sunday passed the Democrats’ Inflation Reduction Act, a $433 billion spending bill which included $369 billion in spending for climate initiatives while imposing a 15% minimum tax on corporations with more than $1 billion in annual profits. The legislation at one point included language that would have effectively raised taxes for the richest in the country by changing rules for carried interest, but was removed to secure Sen. Kyrsten Sinema’s vote.
AS INFLATION REDUCTION ACT MOVES THROUGH CONGRESS, AMERICANS WEIGH IN ON IMPORTANCE OF CLIMATE INITIATIVES
Tom, one of Rep. Alexandria Ocasio-Coretez’s constituents, discusses climate change.
“The whole bill is a mess,” one man, Tom, told Fox News. “It’s a feel-good bill so the Democrats can say they did something and maybe they won’t do so badly in the upcoming elections.”
“There are things in the tax code that allow people to write off various things, so, what are you what are you going to do?” he said.
Daniel said Democrats should vote against the bill until the carried interest provision is added back in. As it stands, carried interest – a share of an investment fund’s profits paid to executives – has a lower tax rate than other workers may see.
DEMOCRATS RELY ON MISLEADING MESSAGING TO SELL MANCHIN-SCHUMER BILL
“If they’re not…
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Source : foxnews
