Speaker of the House Nancy Pelosi took to the press to announce that congress had “saved the planet” and is currently “saving the planet” with a record $360 billion allotment toward Green efforts.
Pelosi touted the Inflation Reduction Act passed by congress as a landmark moment in “saving the planet.” She said the spending will “…generate jobs, cleaner air and cleaner water…”
Unsurprisingly, she doesn’t mention inflation, the real issue at the top of Americans’ minds, and the critical metric that this bill is supposed to “reduce.”
The Inflation Reduction Act was passed in August, but most of the programs contained in the bill will not start until next year. As Pelosi noted, roughly $360 billion of the $437 billion bill will go towards climate-related programs.
Congress will plan to pay for the bill by raising taxes. The Inflation Reduction Act will generate over $1 billion in annual revenue from a 15% corporate minimum tax on corporations. As part of the bill, the IRS will receive an injection of cash, to the tune of $80 billion. This is designed to increase the size of the workforce for the sake of squeezing more cash from working American families, Republican lawmakers argue.
Nancy Pelosi made headlines in late July when she traveled to the island of Taiwan. The Chinese government threatened to shoot down her jet, perceiving the visit as hostile to Chinese interests.
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