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Mitt Romney warned that Americans were blithely dismissing the “potentially cataclysmic threats” posed by climate change

Then last weekend, the Utah Republican voted against the largest climate legislation in U.S. history, along with all of his GOP colleagues.

https://www.politico.com/news/2022/08/12/republicans-climate-vote-no-00050830

Ooh, there's a shock.
Tastyfrzz · 61-69, M
https://www.congress.gov/bill/117th-congress/house-bill/5376

Subtitle A--Deficit Reduction

Part 1--Corporate Tax Reform

This bill imposes an alternative minimum tax of 15% of the average annual adjusted financial statement income of domestic corporations (excluding Subchapter S corporations, regulated investment companies, and real estate investment trusts) that exceeds $1 billion over a specified 3-year period. The tax is effective in taxable years beginning after December 31, 2022.

Part 2--Excise Tax on Repurchase of Corporate Stock

The bill imposes a 1% excise tax on the fair market value of stock repurchased by a domestic corporation after 2022, with certain exceptions.

Part 3--Funding the Internal Revenue Service and Improving Taxpayer Compliance

The bill provides additional funding for the Internal Revenue Service for taxpayer services and enforcement, including for operations support, business systems modernization, and the development of a free direct e-file tax return system. It also provides additional funding for the Department of the Treasury Inspector General for Tax Administration, the Office of Tax Policy, the Tax Court, and Treasury departmental offices.

Subtitle B--Prescription Drug Pricing Reform

Part 1--Lowering Prices Through Drug Price Negotiation

The bill requires the Centers for Medicare & Medicaid Services (CMS) to negotiate the prices of certain prescription drugs under Medicare beginning in 2026.

Specifically, the CMS must negotiate maximum prices for brand-name drugs that do not have other generic equivalents and that account for the greatest Medicare spending. The CMS must negotiate the prices of 10 drugs in 2026, 15 drugs in 2027 and 2028, and 20 drugs in 2029 and each year thereafter. Drug manufacturers that fail to comply with negotiation requirements are subject to civil penalties and excise taxes.

The bill provides funds for FY2022 for the CMS to implement this program.

Part 2--Prescription Drug Inflation Rebates

In addition, the bill requires drug manufacturers to issue rebates to the CMS for brand-name drugs without generic equivalents under Medicare that cost $100 or more per year per individual and for which prices increase faster than inflation. Manufacturers that fail to comply are subject to civil penalties.

The bill provides funds through FY2031 for the CMS to implement the rebate programs.

Part 3--Part D Improvements and Maximum Out-of-Pocket Cap for Medicare Beneficiaries

The bill eliminates beneficiary cost-sharing above the annual out-of-pocket spending threshold under the Medicare prescription drug benefit beginning in 2024 and caps annual out-of-pocket spending at $2,000 in 2025 (with annual adjustments thereafter). It also establishes a program under which drug manufacturers provide discounts to beneficiaries who have incurred costs above the annual deductible beginning in 2025.

The bill provides funds through FY2031 for the CMS to implement these changes and requirements.

The bill also establishes a process through which certain beneficiaries may have their monthly out-of-pocket costs capped and paid in monthly installments beginning in 2025; it provides funds for FY2023 for the CMS to implement this process.

Part 4--Continued Delay of Implementation of Prescription Drug Rebate Rule

The bill further delays until 2032 implementation of a Department of Health and Human Services rule relating to the treatment of certain Medicare prescription drug benefit rebates from drug manufacturers for purposes of federal anti-kickback laws.
Subtitle D--Energy Security

The bill modifies and extends through 2024 tax credits (1) for producing electricity from renewable resources, specifically for wind, biomass, geothermal and solar, landfill gas, trash, qualified hydropower, and marine and hydrokinetic resources; (2) for investment in certain energy properties (e.g., solar, fuel cells, waste energy recovery, combined heat and power, small wind property, and microturbine property); and (3) for alternative fuels and fuel mixtures, and biodiesel and renewable diesel.

The bill creates new tax credits for (1) qualifying zero-emission nuclear power produced and sold after 2023, (2) the sale or mixture of sustainable aviation fuel beginning in 2023, (3) the production of clean hydrogen, (4) the production of clean electricity and for investment in zero-emissions electricity generation facilities or energy storage technology, (5) domestic clean fuel production beginning in 2025, and (6) the domestic production and sale of qualifying solar and wind components.

The bill modifies and extends through 2032 (1) the tax credit for nonbusiness energy property and increases its rate to 30%, with certain limitations; (2) the new energy efficient home credit; and (3) the tax credit for alternate fuel refueling property expenditures.

The bill modifies requirements for the tax deduction for energy efficient commercial buildings.

The bill creates a new credit for commercial clean vehicles and modifies the refundable tax credit for the purchase of plug-in electric vehicles and previously-owned electric vehicles.

The bill permanently reinstates the Hazardous Substance Superfund financing rate for certain excise taxes, including the excise tax on domestic crude oil and imported petroleum products at the rate of 16.4 cents per barrel in 2023, adjusted annually for inflation.

The bill makes permanent the increased rate of the coal excise tax for funding the Black Lung Disability Trust Fund.

The bill increases the amount of the research tax credit that may be applied against the payroll tax liabilities of certain small businesses.

The bill reinstates the current suspension until 2025 of the tax deduction for state and local taxes and extends the limitation on excess business losses of noncorporate taxpayers.
Elessar · 26-30, M
The GOP thinks they can profit from a declining/collapsing society..

Which probably isn't wrong.


If I can't take over the world, I'll burn it down and reign on the ashes.
SW-User
[image/video deleted]

@Elessar
Tastyfrzz · 61-69, M
Ok, here's what probably made the Republicans vote no.

Part 6--Fossil Fuel Resources

In addition, the bill modifies several provisions related to oil and gas leasing on public lands. For example, it increases the minimum royalty rates for oil and gas leases on federal land as well as offshore land in the OCS. It also increases rental rates and minimum bidding standards for onshore oil and gas leases and establishes a new fee that must be paid by any person who nominates public lands for such leasing. Further, it requires royalties to be paid for methane gas extracted from federal lands, including offshore lands as specified by the bill.
sunsporter1649 · 70-79, M
You talking about the bill that further lines the pockets of silicon valley fat cats with billions of taxpayer money?
FreestyleArt · 31-35, M
When is Mitt Romney's turn to get thrown out??
MasterLee · 56-60, M
He is basically a dimocrat
MartinII · 70-79, M
I suggest that the Utah Republican and his colleagues may have shown more common sense than the former Republican Presidential candidate.
MasterLee · 56-60, M
@MartinII I suggest you have shown less than pelosi
SW-User
Thoughts, prayers and magic underwear for the climate crisis.

Maybe the theists think they've got to assist the Rapture so they can all get to their fantasy afterlife sooner.

No one expects anything beyond lip service platitudes from the right on anything, at best, and as @Elessar pointed out, profiting from catastrophe at worst.

 
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