NEWS PICKS
Liz Cheney compares herself to Abraham Lincoln after being ousted by Trump-backed challenger
HOW DID LIZ CHENEY GET SO RICH?
DOJ opposes making public details in Mar-a-Lago search warrant’s probable cause affidavit, saying it could ‘chill future cooperation’
“Disclosure of the government’s affidavit at this stage would also likely chill future cooperation by witnesses whose assistance may be sought as this investigation progresses, as well as in other high-profile investigations,” the Justice Department wrote. “The fact that this investigation implicates highly classified materials further underscores the need to protect the integrity of the investigation and exacerbates the potential harm if information is disclosed to the public prematurely or improperly.”
INFLATION REDUCTION ACT IS THE GREEN NEW DEAL 2.0
- $9 billion in home energy rebate programs to help people electrify their home appliances and for energy-efficient retrofits, with a focus on low-income consumers
- 10 years of consumer tax credits to make heat pumps, rooftop solar, electric HVAC and water heaters more affordable, which make homes more energy efficient
- $4,000 in consumer tax credits for lower- and middle-income individuals who buy used electric vehicles, and up to $7,500 tax credits for new EVs
- $1 billion grant program to make affordable housing more energy efficient
“If we just don’t have as much demand for fossil fuels because we’ve electrified our vehicles and more people are using heat pumps, then that will also lessen the demand on fossil fuel,” Nock said. “And the economics of the market will start crowding out fossil fuel from the energy space.” – Destenie Nock, an assistant professor of civil and environmental engineering at Carnegie Mellon University
As the U.S. Senate races to consider the Inflation Reduction Act (IRA), a centerpiece of the proposed tax increases is the 15 percent minimum book tax on corporate income for firms earning over $1 billion, making up about 60 percent of the net revenue in the IRA. The minimum book tax puts one of the most pro-growth elements of the tax system at risk, penalizing investment right as it is needed to combat inflation and the current economic downturn.
The minimum book tax proposal has narrowed over the past two years since it was originally debated in the 2020 campaign. President Biden’s original proposal only provided exemptions for net operating losses and foreign tax credits. The IRA’s book tax proposal includes additional exemptions for items like general business tax credits and defined benefit pensions.
Accelerated depreciation deductions remain a central target of the Inflation Reduction Act book minimum tax. For many investments, firms are able to deduct their costs from their taxable income on a quicker timetable than under financial accounting rules. The minimum book tax would penalize applicable firms for fully deducting the cost of investment from their tax returns, discouraging further investment and reducing long-run economic growth.
KSDK’s Justina Coronel: Why is Missouri trying to ban books? How Sen. Rick Brattin (R-Harrisonville) and others want to hold librarians liable for “explicit” learning materials (link via TonysKansasCity.com)
