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Unpacking Right-Wing Lies About the Inflation Reduction Act
On Tuesday, President Biden signed the Inflation Reduction Act (IRA), landmark legislation that will benefit all Americans, no matter his or her political affiliation.
Even if we didn’t know what it contains, we could deduce its consequence simply by all the lies republicans and the right-wing hate media carrying water for them are peddling about it.
Fox so-called “news” reported: “Electric Vehicle Subsidies Take Cash from Ordinary Americans to Benefit the Rich.”
Actually, the new law seeks to invest about $385 billion in energy and climate change incentives that include tax credits for solar and wind energy equipment production and electric vehicles purchases, as well as another $100 billion to expand health insurance subsides for policies purchased on Affordable Care Act (“Obamacare”) exchanges.
It also will require companies that report more than $1 billion in profits to pay a 15% minimum corporate tax rate, and wealthy shareholders will pay a 1% tax on stock buybacks.
