Sinema Agrees To “Inflation Reduction Act” With Removal Of Carried Interest Provision

By William Teach August 5, 2022 – 10:30 am

I debated whether to add this to the previous post or make it a standalone. It’s important enough to stand alone

Democrats Drop Carried Interest as Sinema Paves Way for Tax Vote

The path was nearly cleared for one of the cornerstones of President Joe Biden’s domestic agenda after Democrats agreed on a revised version of their tax and climate bill.

But it came at a price: To get the support of Senator Kyrsten Sinema — the pivotal Democratic vote in the 50-50 Senate — a levy on wealthy hedge fund managers had to be abandoned.

So the Democrats agreed to drop a provision that would have narrowed a tax break for carried interest, meaning wealthy private equity managers and venture capitalists will continue to be able to pay a lower capital gains rate on one of their main forms of compensation. Lawmakers will also alter a 15% minimum tax on corporations and add a new 1% excise tax on stock buybacks.

Democrats have been eager to finish work on the legislation, even though it’s been drastically scaled back from Biden’s original vision for an expansive tax and social spending package that would advance the party’s climate goals.

So, unless the Congressional Parlimentarian comes back and says “no, this is not a bill that can be done via reconciliation”, it will pass. If there are issues

That means things like the domestic content requirements for cars eligible for electric vehicle tax credits, caps on insulin out-of-pocket costs and penalties for drug companies raising prices higher than inflation could be struck. That would dilute the bill even further.

Perhaps one of the Democrats will resist over the IRS provision? Like the one which will increase the number of agents by 87,000, which means middle class individuals and businesses will receive more scrutiny and audits. And

(Forbes) The IRS has been working on digital asset compliance for years, but an infusion of funds could allow the agency to rather significantly step up its efforts, as well as its criminal investigations.

So, if you have some sort of crypto, the IRS will want to have a conversation with you. Does anyone, other than the White House, think that The Rich will be the ones receiving the scrutiny of the IRS? You know, the people who donate to politicians and have the ability to fight back?

Maybe Comrade Bernie will vote against the bill?

Bernie Sanders pummels Manchin’s inflation deal for 2nd day in a row, saying it does ‘virtually nothing’ to help families

Sen. Bernie Sanders of Vermont continues lambasting the $740 billion climate, energy, and tax package that Democrats are hoping to pass in the coming days, arguing it doesn’t amount to major relief to American families.

“As currently written, this is an extremely modest bill that does virtually nothing to address the enormous crises facing the working families of our country,” Sanders said in a Wednesday floor speech. “It falls far short of what the American people want, what they need, and what they are begging us to do.”

It marks the second day in a row that the Vermont independent has advocated for a wide range of Democratic initiatives from the now-defunct Build Back Better Act — including the extension of the child tax credit, universal pre-K, medicare expansion, and tuition-free community college. With regards to climate change, Sanders read a letter Wednesday from the Center for Biological Diversity that called the proposed bill a “climate suicide pact.”

“In my view, we have got to do everything possible to take on the greed of the fossil fuel industry, not give billions of dollars in corporate welfare to an industry that has been destroying our planet,” the Senator said.

At the end of the day, despite all his bluster in wanting more government, he’ll vote for it. So, unless one or more Democrats who are up for re-election this year in purple states say “no”, it will pass. And you, the U.S. middle class, will pay for it.

Read: Sinema Agrees To “Inflation Reduction Act” With Removal Of Carried Interest Provision »

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Tonga Eruption Put Huge Amount Of Water Vapor In Atmosphere, Which Is, Surprisingly, A Greenhouse Gas

By William Teach August 5, 2022 – 7:15 am

In fact, water vapor is the number one greenhouse gas

Tonga eruption blasted enough water to fill 58,000 Olympic pools into the Earth’s atmosphere, NASA says

One of the most powerful volcanic eruptions on the planet blasted such a massive amount of water vapor high into the atmosphere that it’s likely to temporarily warm the Earth’s surface, according to detections from a NASA satellite.

When the undersea Hunga Tonga-Hunga Ha’apai volcano erupted on January 15, 40 miles (65 kilometers) north of Tonga’s capital, it created a tsunami as well as a sonic boom that rippled around the world — twice.

The eruption sent a tall plume of water vapor into the stratosphere, which is located between 8 and 33 miles (12 and 53 kilometers) above the Earth’s surface. It was enough water to fill 58,000 Olympic-sized swimming pools, according to detections from a NASA satellite.

They estimate that the eruption delivered 146 teragrams of water to the stratosphere. One teragram is the equivalent of a trillion grams, and in this case, it was equal to 10% of the water already present in the stratosphere.

Hmm, that couldn’t have anything to do with causing a lot of sustained heat in the norther hemisphere and a lot of really wet weather in the southern at the moment, could it?

Typically, powerful volcanic eruptions like Mount Pinatubo or the 1883 Krakatoa event in Indonesia cool Earth’s surface temperature because the gas, dust and ash they spew reflects sunlight into space. This “volcanic winter” happened after the Mount Tambora eruption in 1815, triggering “the year without a summer” in 1816.

The Tonga eruption was different because the water vapor it sent into the atmosphere can trap heat, which could cause warmer surface temperatures. The excess water vapor could stay in the stratosphere for several years, according to the researchers.

The hell you say! Of course, CNN, being the good little climate cult news organization they are looks to dispel the effect

Fortunately, the warming effect of the water vapor is expected to be small and temporary, and will dissipate as the extra vapor diminishes. The researchers don’t believe it will be enough to exacerbate existing conditions due to the climate crisis.

Read: Tonga Eruption Put Huge Amount Of Water Vapor In Atmosphere, Which Is, Surprisingly, A Greenhouse Gas »

Posted in Collapsing Science, Global Warming | 22 Comments | Trackback URL

Democrats Plan Saturday Vote On Build Back Better, Er, Inflation Reduction Act

By William Teach August 5, 2022 – 7:00 am

If the news media had a shred of integrity, they’d ask every single Senator who votes yes if they’d read it in full

Democrats Plan Saturday Vote On Inflation Reduction Act

Senate Democrats plan to hold a procedural vote Saturday on their major domestic policy bill known as the Inflation Reduction Act, Senate Majority Leader Chuck Schumer (D-N.Y.) announced Thursday.

If all 50 Senate Democrats vote to advance the measure, the soonest the bill could get a final vote is early next week. (snip)

But Democrats have yet to secure the support of Sen. Kyrsten Sinema (D-Ariz.), who is reportedly pushing to make changes, including eliminating a provision that would tighten a tax loophole associated with hedge fund managers and private equity executives.

Sinema declined to speak to reporters Thursday. She was spotted deep in conversation on the Senate floor with Sen. Joe Manchin (D-W.Va.), who largely wrote the bill in secret negotiations with Schumer.

And it is still rather secret. This is what the Democrats are saying is the text of the bill that will replace the bill that replaced the bill, which is formally known as H.R. 5376, the Build Back Better bill. As of the time of writing this, the alternate text is not available at the official Congressional legislative website. So, hasn’t been scored, hasn’t been available for citizens to officially read, nor for Senators to read.

Remember this?

Well, Democrats are Very Upset over Lauren Boebert saying the same thing.

Read: Democrats Plan Saturday Vote On Build Back Better, Er, Inflation Reduction Act »

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If All You See…

By William Teach August 4, 2022 – 1:00 pm

…is a waterfall created by Extreme Weather rain, you might just be a Warmist

The blog of the day is The First Street Journal, with a post on the happenings in the Democratic Party run city of Killadelphia.

Read: If All You See… »

Posted in If All You See | 6 Comments | Trackback URL

Gillibrand Wants Biden To Invoke Production Act For Monkeypox Vaccine

By William Teach August 4, 2022 – 10:30 am

There are probably easier things to do which require less vaccine

Gillibrand calls on Biden to invoke Production Act, increase monkeypox vaccines

Democratic Sen. Kirsten Gillibrand on Wednesday called on the Biden administration to invoke the Defense Production Act to help increase supply and access to monkeypox vaccines, which lag far behind demand as the virus continues to spread nationwide.

“Right now there are enough vaccines in the United States to cover one-third of the community generally currently most at risk,” Gillibrand said during a press conference. The senator’s own state of New York is the hardest hit in the country and has declared a disaster emergency.

Which community is that, Senator? Neither you nor the article say

Gillibrand’s calls for DPA action come after The Washington Post recently reported that the U.S. won’t be receiving any more doses of the monkeypox vaccine Jynneos until October.

When pressed on specifics of what the DPA could do to increase supply quickly, Gillibrand pointed to prioritizing government orders of monkeypox vaccines ahead of other orders.

“We know exactly which manufacturers already manufacture those vaccines, and so we can enter a contract with them immediately,” she said.

Perhaps she could ask Biden why his HHS failed

U.S. Could Have Had Many More Doses of Monkeypox Vaccine This Year

The shortage of vaccines to combat a fast-growing monkeypox outbreak was caused in part because the Department of Health and Human Services failed early on to ask that bulk stocks of the vaccine it already owned be bottled for distribution, according to multiple administration officials familiar with the matter.

By the time the federal government placed its orders, the vaccine’s Denmark-based manufacturer, Bavarian Nordic, had booked other clients and was unable to do the work for months, officials said — even though the federal government had invested well over $1 billion in the vaccine’s development.

So, Biden, who’s barely mentioned in the NY Times article, is upset

Two senior federal officials, who requested anonymity in order to speak frankly, said Mr. Biden is upset by the vaccine shortage. His administration has often touted its success delivering hundreds of millions of coronavirus shots to Americans, and is stung by criticism that a lack of foresight and management has left gay men — the prime risk group for monkeypox — unprotected.

Now, if Trump was in office, the whole piece would be one long blamestorm, mentioning that the buck stops here. That paragraph is deep into the piece, and followed by

So far, according to the C.D.C., 6,326 cases of monkeypox have been reported. For now, the virus is spreading almost entirely among gay and bisexual men, and those with multiple or anonymous partners are considered especially at risk. Mr. Becerra noted that while more than a million Americans have died of Covid-19, no one in the United States has died of monkeypox.

Yeah, so, men involved in gay say, often with multiple or anonymous partners. Gillibrand, along with a lot of agencies and governors, should be telling them to stop doing that for a bit. Perhaps the governors of California and New York, who have declared emergencies, can lock down the bathhouses and other places this behavior is occurring. Restrict the skeezy public parties, like keep happening in the streets of San Francisco. Funny that the government is unwilling to lock down or restrict on this, right?

After repeating early COVID mistakes, US now has the world’s biggest monkeypox outbreak

The story of monkeypox feels to experts frustratingly like a replay of the first months of the COVID-19 pandemic in 2020.

Testing took too long to get launched. Data hasn’t revealed the full extent of the outbreak. The spread wasn’t stopped quickly enough.

Monkeypox was supposed to be different, because it is much harder to transmit, treatments and vaccines were already available, much was known about a virus first described in 1958 and so many lessons were supposedly learned from COVID-19.

Yet the United States now has the world’s biggest outbreak of monkeypox with more than 6,600 Americans diagnosed since mid-May. Rarely seen outside of Africa before the spring, the virus, a less deadly cousin of smallpox, has now triggered a 26,000-person global emergency, reaching 83 countries, 76 of which had not historically seen the disease.

No, it’s not like COVID. We know how it’s being spread and the majority of whom is getting it. If anything, it’s like Democratic Party governors sticking old people in nursing homes where COVID could spread and kill them (yet, no one has been tried in a criminal court for this): we all knew this would be bad. Gay many having gay sex at parties is a great way to spread it. Not sure why any would continue for the moment.

“If we don’t react more aggressively within the next couple of months – it’ll never be the same as coronavirus, but it could mimic the (spread of the) AIDS epidemic pretty closely,” said Jared Auclair, an analytical chemist and associate dean at Northeastern University in Boston.

And the news and government were afraid to say “hey, gay men, this is mostly involving you. So, don’t engage in risky sex.”

Read: Gillibrand Wants Biden To Invoke Production Act For Monkeypox Vaccine »

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Hotcoldwetdry Is A Retirement Management Risk Or Something

By William Teach August 4, 2022 – 7:00 am

Hmm, look, a new angle of attack from the Cult of Climastrology

Climate Change Is Emerging As A Mainstream Retirement Issue

You’d have to be Rip Van Winkle to be unaware of the suffering and costs from this summer’s heat waves, wildfires, and severe weather events. Fortunately, the financial and retirement industries are galvanizing to help address and mitigate the financial and health consequences for everybody—and seniors and retirees are particularly vulnerable.

Consider these conclusions from diverse and respected sources warning of the risk of climate change

“Climate Change and You” was the cover story of the June 2021 issue of the AARP Bulletin. It summarized the challenges that climate change poses for older Americans and shared tips for protecting their lives and finances. The Bulletin is read by more than 30 million people and is in the top two of readership in the U.S. along with its sister publication, AARP Magazine.

“Climate risk is investment risk” was a large heading in Larry Fink’s 2022 letter to CEOs of Blackrock clients. He is the CEO of Blackrock, the world’s largest investment management firm with more than $10 trillion in assets under management, including the nation’s largest 401(k) plans. His letter goes on to say that cities and countries that don’t plan for a carbon-free future risked being left behind.

And more. We can fix this with a tax, you know. And giving up your liberty, freedom, and life choices.

What can you do?

It might be natural to wonder what seniors and retirees can do about these disturbing conclusions. Well, there’s a lot you can do. You can investigate how to adapt your life to climate risks and severe weather events with respect to your home, community, transportation, nutrition, and buying habits. You can review your investments and financial resources to determine if you need to reposition your finances to be more resilient to climate change. And some of you might pursue activism to help your children and grandchildren inherit a better world.

Hmm, things people have always done? Because severe weather has always been around. But, yes, you do have to be concerned with your investments, because unhinged cult companies like Blackrock will screw around with investments, and the government is going to do things that mess them up, as well. Of course, the people running places like Blackrock, the unlected bureaucrats who create all these rules, and the lawmakers making the laws, are refusing to practice what they preach.

Read: Hotcoldwetdry Is A Retirement Management Risk Or Something »

Posted in AGW Socialism, Global Warming | 9 Comments | Trackback URL

AG Garland Claims Federal Law Invalidates State Law

By William Teach August 4, 2022 – 6:45 am

He seems unfamiliar with the United States Constitution, the roles, duties, and limits placed on the Legislative and Executive Branches, and the 10th Amendment. I guess he would have been a perfect Democrat pick for the Supreme Court, much like with the other liberals on the court

AG Garland asked what the point of SCOTUS is: “Federal law invalidates state laws that are in direct contradiction.”

The Department of Justice is filing suit against the state of Idaho for its restrictive abortion laws, which came into effect after the Supreme Court struck down Roe vs Wade. At a press briefing, Attorney General Merrick Garland was asked if what the DoJ was doing circumvents and undermines the Supreme Court.

REPORTER: “What’s the point of the Supreme Court if DOJ is going to go around and do these kinds of things?”

GARLAND: “This is not, in any way, going around the Supreme Court, the Supreme Court said that each state can make its own decisions with respect to abortion. But so too can the federal government, nothing that the Supreme Court said, said that the statutes passed by Congress such as EMTALA are in any way invalid. It’s quite the opposite, the Supreme Court left it to the people’s Representatives EMTALA was a decision made by the Congress of the United States. The supremacy clause is a decision made in the Constitution of the United States. Federal law invalidates state laws that are in direct contradiction. This has really nothing to do with anything that the Supreme Court said. And certainly nothing to do with going around the Supreme Court.”

Did he read the same decision the rest of us read? The one released by the Court, which, for the most part, said it was not a duty or responsibility of the federal government per the Constitution, hence, it was left to the States and the People. Being left to The People doesn’t mean they can give that power to the federal government via electing federal Representatives or Senators.

The federal government, via the Legislative Branch, has primacy via Article 6, Paragraph 2, for anything specifically authorized. If not, then we go to the 10th. The Framers included it for a reason. The federal Congress can, in fact, tell states they may not fine, jail, or do anything to anyone going across a state line to get an abortion. That is in the wheelhouse of Los Federales. They cannot interfere with a state banning or limiting abortion. Leftists may not like it, but, let’s say California bans all new sales of fossil fueled vehicles in the state. Would they then invoke the 10th Amendment if a Republican Congress, President, and or DOJ tried to stop that?

Read: AG Garland Claims Federal Law Invalidates State Law »

Posted in Constitution, Democrats, Liberal World | 15 Comments | Trackback URL

Good Luck: Manchin’s Agreement Paves Way For Mountain Valley Pipeline

By William Teach August 3, 2022 – 3:00 pm

So many news organizations really doesn’t understand how things work with climate cultists/Democrats

Mountain Valley Pipeline could benefit from agreement secured by W.Va. U.S. Sen. Joe Manchin

U.S. Sen. Joe Manchin of West Virginia has reached an agreement with Democratic leaders that could ease the regulatory and legal logjams that have long afflicted the Mountain Valley Pipeline.

As part of a concession won during negotiations over a federal climate and tax bill, Manchin struck a deal with Senate Majority Leader Chuck Schumer, House Speaker Nancy Pelosi and President Joe Biden.

The agreement would ensure that federal agencies “take all necessary actions to permit the construction and operation” of Mountain Valley, according to a summary released Tuesday by Manchin’s office.

Manchin is a champion of Mountain Valley, a 303-mile natural gas pipeline that begins in his home state. He is also a swing Democratic vote, which enabled him to use the pipeline as leverage for his support of an Inflation Reduction Act that is a top White House priority.

And the Pittsburgh Business Times

Manchin agreement smooths way for Mountain Valley Pipeline

The proposed legislation would allow the pipeline to complete its revised timeline of being operational in the second half of 2024.

The NY Times

Manchin Won a Pledge From Democrats to Finish a Contested Pipeline
To cement the senator’s support for a climate and tax package, party leaders promised to pass a law to complete the line and to prioritize some other fossil fuel projects.

Digital Journal

The cost of Biden’s tax and climate goals? The Mountain Valley Pipeline

Senator Joe Manchin III of West Virginia has secured a promise from Democratic leaders and the White House to complete a highly contested 304-mile gas pipeline in his state.

The reality?

Manchin’s Mountain Valley Pipeline Dream

West Virginia Sen. Joe Manchin says Democratic leaders have agreed to consider permitting reforms to complete the Mountain Valley Pipeline. That’s nice of them. Alas, these mooted reforms even if enacted won’t help much since the Democratic Party’s green allies will continue their legal warfare.

The Wall Street Journal piece is behind a pretty uncrackable paywall, but, you get the idea. Even if the Biden admin approves the pipeline, it will be caught up in lawsuit after lawsuit.

However, does anyone think that the Biden admin will greenlight the pipeline anytime soon? At best, they will slow-walk the hell out of it, taking their ever-loving sweet time, putting it through department after department, hearing after hearing, study after study. If Manchin thinks the pipeline is going to happen, he’s nuts.

Read: Good Luck: Manchin’s Agreement Paves Way For Mountain Valley Pipeline »

Posted in Democrats, Global Warming | 1 Comment | Trackback URL

If All You See…

By William Teach August 3, 2022 – 1:00 pm

…is a wonderful wild space which should get some wind turbines, you might just be a Warmist

The blog of the day is Don Surber, with a post giving kudos to Pelosi for visiting Taiwan. Which I second.

Read: If All You See… »

Posted in If All You See | 5 Comments | Trackback URL

Texas Governor Has Plans To Send Illegals To Plenty Of Democrat Cities

By William Teach August 3, 2022 – 10:30 am

This would make the Democrats in those cities Very Unhappy (video at the link)

Abbott: We’re ‘Looking at Other Cities’ to Send Migrants to, We’ll Keep Sending Them Until Biden Admin. ‘Does Its Job’

On Tuesday’s broadcast of the Fox News Channel’s “Hannity,” Texas Gov. Greg Abbott (R) said that the state will continue sending buses of migrants to northern cities “until the Biden administration does its job to enforce the laws concerning the border.” And said that Texas is “looking at other cities to send them to.”

Abbott said, “[W]e have more buses headed their way as we speak right now. But, Sean, this just shows the hypocrisy of these liberal leaders up in the northeast who think, well, that border crisis created by Joe Biden, that’s fine as long as it’s Texas that has to deal with it, but as soon as they have to deal with the real consequences of Biden’s border…crisis, they’re up in arms calling for the National Guard, as you point out, dealing with just a tiny fraction of what we have to deal with every single day. We’re going to keep sending those buses up there until they fully understand and most importantly, Sean, until the Biden administration does its job to enforce the laws concerning the border.”

He added, “We are helping out these small local communities by sending even more buses to these communities and putting these new migrants on the buses and sending them to Washington, DC. And we’re looking at other cities to send them to.”

I have some ideas. How about Rehoboth Beach, Delaware, where Biden constantly goes on the weekend? Syracuse, NYC, and Boston would be good ideas. Los Angeles is always a good choice, especially since they just banned homeless encampments near schools. How about in the expensive areas of Santa Monica and Bel Air? Portland and Seattle would be great. State capitals like Sacramento are always fun. Chicago works. Madison, Wisconsin. I’m sure Gretchen Whitmer would appreciate. Baltimore. And many more.

The activists supporting unfettered illegal immigration are not happy

Now, mass migration activists argue that Abbott’s order may not be legal.

“There are ongoing questions about what authority they have to bus people from one location to another,” Aaron Reichlin-Melnick with the American Immigration Council told the Texas Tribune. “Legally speaking, is that immigration enforcement? I still don’t know.”

They aren’t happy because the the illegals are being dropped off in their areas. The American Immigration Council is located in D.C., just two blocks from the White House, at 1331 G St. NW. Sounds like a great place to drop them off.

Read: Texas Governor Has Plans To Send Illegals To Plenty Of Democrat Cities »

Posted in Democrats, GOP, Illegal Immigration | 15 Comments | Trackback URL
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