“Farms cover roughly 40 percent of the country, and they’ve replaced countless ecosystems with vast fields of soybeans, corn, and cattle. Agriculture also accounts for about 11 percent of US greenhouse gas emissions.”
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“The biggest chunk of money — roughly $8.5 billion — goes toward a program run by the US Department of Agriculture called the Environmental Quality Incentives Program. It pays for projects that restore the ecosystem or reduce emissions on farmland.
Farmers often use the money to buy and plant cover crops. These are plants, such as clover, radishes, or rye, that are rooted in fields that might otherwise be fallow to improve the health of the soil and prevent erosion. The idea is that the ground is always “covered” with something.
Cover crops also have a range of other superpowers, said Rob Myers, director of the Center for Regenerative Agriculture at the University of Missouri. During a drought, for example, they can lock moisture in the soil; during a flood, meanwhile, they help water more easily penetrate the ground.”
“The IRA uses tax credits to incentivize consumers to buy electric cars, electric HVAC systems, and other forms of cleaner technology, leading to less emissions from cars and electricity generation, and includes incentives for companies to manufacture that technology in the United States. It also includes money for a host of other climate priorities, like investing in forest and coastal restoration and in resilient agriculture.
These investments, spread out over the next decade, are likely to cut pollution by around 40 percent below 2005 levels by 2030, according to three separate analyses by economic modelers at Rhodium Group, Energy Innovation, and Princeton University. The legislation helps move the US a little closer to its stated goal of cutting pollution in half within the decade.
The main climate change components of the Inflation Reduction Act look surprisingly similar to the version the House passed last fall, a measure widely celebrated by climate activists — although it’s smaller than the $2 trillion the Biden administration once envisioned. To win Sen. Joe Manchin’s (D-WV) support, Democrats added provisions that clear permitting roadblocks for some fossil fuel projects and force the Department of Interior to hold more offshore oil lease sales.”
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“There is plenty the act does that is not about climate change. There’s funding for the Affordable Care Act, the IRS, and prescription drug reform. It also sets a corporate minimum tax — one of the ways the law helps tackle inflation. But this is arguably a climate law, as climate initiatives make up the biggest portion of the act’s investments.
The deal retains most of the key programs of the House’s Build Back Better Act, including consumer tax credits for solar panels and electric vehicles, and funding for domestic clean energy manufacturing.”
“One of the most damaging legacies of the intersection between racism and fossil fuels is how highways were built to cut through Latino and Black communities. The Federal-Aid Highway Act of 1956 alone displaced more than 1 million people, according to the Department of Transportation. People who remained near these roads, overwhelmingly communities of color, were exposed to more fine particulate matter from the tailpipes of cars and trucks.
That legacy lingers today. A mountain of research has shown how Black people nationwide are exposed to more damaging pollution from construction, power plants, roads, and industry than white people.
The Inflation Reduction Act includes a federal infusion of cash for community projects aimed at addressing some of the harmful effects of these projects. There is $3 billion marked for Neighborhood Access and Equity Grants, in addition to $1 billion already approved under the bipartisan infrastructure law last fall.
The money can be used for many things, including improving walkability, capping wells, installing noise barriers, and reducing the urban heat island effect. But one way communities could use the funding is to just remove a road, highway, or other types of damaging infrastructure. They can also reconnect communities divided by highways in other ways: “multi-use trails, regional greenways, or active transportation networks and spines.””
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“Slashing climate emissions requires doing two things at once: electrifying things like cars and stoves that typically run on fossil fuels, while also cleaning up fossil fuels in the power sector so that pollution doesn’t just come from another source. That’s the reason the US will have to shut down its last 172 coal plants within the decade to finally make good on its climate promises.
One surprising policy to help with this transition made it into the final bill, even though it needed Sen. Joe Manchin’s (D-WV) sign-off: $10 billion in direct payments to rural electric co-ops that pay for the cost of a clean energy transition. The USDA will administer direct payments for these co-ops to retire coal-fired power plants.
Many of the last coal plants standing are serving rural communities. E&E News noted that “about 32 percent of the power that supplies co-ops nationwide came from coal in 2019.” Investor-owned utilities, by contrast, generated 19 percent of their electricity from coal in 2020.
These rural co-ops, which are collectively owned and governed by the communities they serve, have moved away from coal slowly more for economic reasons than political ones. These coal plants tend to be newer, and the communities they serve may be more risk-averse to transitioning to renewables because they have to pay directly for the cost of the transition.
But before rural communities can even think about transitioning to solar and wind, first they have to shut down the coal plants. And that can be expensive because it includes paying off any debts. (A separate $5 billion Department of Energy program in the bill offers loans that lower debts and costs for privately owned utilities to transition to renewables.)”
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“The more controversial part of the bill is its funding of carbon capture for oil, coal, and industrial sites. Typically, these technologies have been used to just pump CO2 back in the ground for more drilling, rather than to do anything about the climate crisis. Still, prevailing climate science shows that some of this technology is probably needed to address the harder-to-decarbonize parts of the economy. So the federal funding for scaling new technologies could manage to go a long way over the long term.”
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“the act includes $20 billion for “climate-smart” agriculture, which could help farmers store more carbon in their soil and plants.
Part of that money, for example, will go toward an initiative called the Conservation Stewardship Program, which essentially pays farmers to make their land more environmentally friendly, such as by planting cover crops. Cover crops, planted when the ground would otherwise be fallow, are one way to increase a farm’s potential to store carbon (and can also help avoid emissions).
Another $5 billion in funding goes toward preventing wildfires and protecting old-growth forests, which are rich in carbon. This is critical because the US is expected to lose more of its natural carbon sinks over time under business-as-usual scenarios.”
“Despite the bill’s name, independent analysts have found it will have virtually no impact on inflation. In reality, it is a pared-down version of what Biden originally pitched as the “Build Back Better” plan—it leaves aside much of the original bill’s spending, but it maintains a huge corporate tax increase, huge spending on green energy initiatives, and a plan to swell the ranks of IRS agents. What was originally a roughly $4 trillion proposal that would have relied heavily on borrowing ended up being something of a rarity in Washington: a bill that will raise more revenue than it spends.
And where will it get that revenue? Quite possibly from you. Households earning as little as $50,000 annually are more likely to see a tax increase than a tax break from the legislation.
In the final hours before the House vote, the Joint Committee on Taxation (JCT) completed a breakdown of how the bill’s corporate tax increases would affect households at various income levels. The JTC, a nonpartisan number-crunching agency within Congress, found that households earning between $50,000 and $75,000 are more likely to see a tax increase than a tax decrease next year.
Higher-earning households are more likely to see tax increases, but households earning more than $1 million next year are actually far more likely than lower-earning households to get a tax break.
That fits with what The Tax Foundation, a tax policy think tank, found when it analyzed the bill. The Inflation Reduction Act will “would also reduce average after-tax incomes for taxpayers across every income quintile over the long run,” the Tax Foundation reported on Wednesday. Those tax increases will reduce long-term economic output by about 0.2 percent and could eliminate 29,000 jobs, the group found.”
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” Tax increases on corporations get passed along from the board room table to the kitchen table in a variety of ways: lower pay for workers, higher prices for consumers, and smaller investment returns for shareholders.”
“After Manchin agreed with Senate Majority Leader Chuck Schumer on the party-line tax, health care and energy bill, the West Virginia Democrat found himself bargaining with fellow moderate Sen. Kyrsten Sinema. Both hard-nosed negotiators, the Arizona Democrat’s business-friendly tax-approach clashed sharply with Manchin’s more progressive positions on taxes.
Manchin sought to target the wealthy and ended up agreeing with Schumer to target the so-called carried interest loophole that allows some people to pay lower tax rates on investment income. He also signed off on a corporate minimum tax package that most Democrats believed Sinema supported.
Ultimately, Sinema took a scalpel to the corporate minimum tax and scuttled any changes to carried interest, which Manchin called particularly “painful.” Triangulating between them through all of it: Schumer, whose job was harmonizing the views of the very public Manchin with an often-silent Sinema.”
“The federal government’s decadeslong war on marijuana, one of the most life-mangling policies ever enacted, could be ended with a single sentence: The Controlled Substances Act shall not apply to marijuana.
Put it in a bill, vote on the bill, pass the bill, sign the bill, done. Much of the federal government’s drug war law enforcement machinery would grind to a halt. No legislative horse-trading, no Christmas tree–style gifts to favored constituencies, no giving old bureaucracies new responsibilities. Just the simple and urgent removal of the legal justification for grievous government harm.
This elegant approach, redolent of the 21st Amendment’s repeal of federal alcohol prohibition, is untenable to big-government lifers like Senate Majority Leader Chuck Schumer (D–N.Y.), as Jacob Sullum has repeatedly detailed in these pages. But it’s the shortest line to a point where a supermajority of Americans want policy to be. And it’s a template that could and should be used, at every level of government, by every flavor of politician.”
“Cornyn hoped to get as many as 20 Republican votes for his legislation, which would enact new enhanced background checks on people younger than 21, grant states money for red flag laws and crisis intervention and close a loophole on domestic abusers’ firearm access. On Monday the vast majority of the conference voted against advancing the legislation, with 14 Republicans voting to advance the legislation and supportive Sen. Pat Toomey (R-Pa.) absent.”
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“Faced with a chorus of boos and a rebuke from the Texas GOP over the weekend, Cornyn got a taste of what the reaction could be on the right for Republicans who vote for the Senate’s bill designed to curb mass shootings in America. What’s more, on Monday evening the NRA announced opposition to the package crafted by a quartet of senators that includes Cornyn, whose A+ rating from the gun group is probably about to take a downgrade.”
“mergers don’t just affect consumers: “The world has changed for those workers,” Warren said.”
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“Studies have shown that as markets become more concentrated, wages stagnate.”
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“Under Warren’s new bill, mergers over a certain size or that consolidate the market too much are forbidden. And consummated mergers that have harmed competition, workers, consumers, or competitors can be broken up.”
“The roughly $10 billion in pandemic aid the Senate is preparing to vote on after a weekslong impasse will keep the nation’s testing, treatment and vaccination programs afloat for only a couple months, lawmakers, Biden administration officials and public health experts warn.”
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“This round of funding — if it can pass the House and Senate — would help restart key Covid-19 programs that recently ran out of resources, including the development of future variant-specific vaccines and federal government purchases of drugs for people at risk of hospitalization.
But the package was whittled down from more than $30 billion federal officials originally argued was needed to $22.5 billion the White House pitched to Capitol Hill last month to $15.6 billion congressional leaders tried to attach to the 2022 spending bill.
Now, $10 billion is on the table and the money for the global vaccination effort and for testing, treating and vaccinating the uninsured was dropped, all but guaranteeing the Biden administration will shortly need Congress to do this all over again.”
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“Public health leaders warn that these short-term bursts of cash are creating gaps in preparedness, leaving millions vulnerable to a new Covid surge.”
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“with no global money in the current deal, policymakers fear the disruption to the U.S.’ pandemic work overseas will continue indefinitely.
“Doing nothing to slow the global spread of COVID-19 is foolhardy,” Senate Appropriations Chair Patrick Leahy (D-Vt.) warned Monday. “As the virus continues to mutate and wreak havoc overseas, more Americans will become sick and die.”
For months, officials at the U.S. Agency for International Development have warned lawmakers that they would soon run out of money to help facilitate vaccinations in low- and middle-income countries, and advocated for at least $19 billion for the global Covid fight.”
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“On the domestic front, the funding delays have forced the federal government to halt purchases of enough additional booster doses for all Americans and slash the purchase and distribution of monoclonal antibody treatments and antiviral pills for high-risk Covid patients. It has also disrupted research into new treatments and cut off reimbursements to doctors around the country for testing, treating, and — as of Tuesday — vaccinating the uninsured. Even if Congress manages to approve the funding this week, public health experts say, there’s a good chance all of these threats will reemerge in just a few months, damaging the stability and continuity of their fight against the virus.”
“Congress’s dependence on CRs is due to lawmakers’ inability to agree on full-year appropriations bills.
Congress’s actual deadline for passing appropriations legislation is at the end of September each year. Because bills from the previous year expire at that time, lawmakers need to approve a new set of 12 appropriations bills to fund federal agencies and make sure the government doesn’t run out of money. (If the government runs out of money and shuts down, agencies are forced to furlough employees and reduce their services.)
Had these bills passed on time, all spending would have been approved last fall. Instead, because Democrats and Republicans couldn’t come to an agreement, they passed a short-term spending bill that gave them a new deadline in December. When they couldn’t reach an agreement then, they passed another short-term spending bill that postponed the deadline to February 18. And because of ongoing conflicts, they’re planning to pass one more short-term spending bill to give them until mid-March.
Whether lawmakers procrastinate again is an open question.”
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“Because Democrats control 50 Senate seats, but need 60 votes to pass the funding bills, members of the minority have leverage over what they’d like to see included.”