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New York City – Voters of Rep. Alexandria Ocasio-Cortez debated how Democrats removed the billionaire-affecting tax hike proposal from the Inflation Cuts Act in order to pass a large spending bill and its climate initiative.
“Millionaires are people who really have the power to change whatever we’re trying to change,” one man, Danielle, told Fox News. If it is, we shouldn’t vote for it.”
But another man, Paul, said, “I’m in favor of passing environmental legislation, anything that helps climate change. If the rich get a rest, that’s a big deal.”
The Senate on Sunday passed the Democrats’ Inflation Reduction Act. This is his $433 billion spending bill, which includes his $369 billion in spending on climate initiatives, while imposing a 15% minimum tax on companies with annual profits above his $1 billion. The law, which at one point contained language that would effectively raise taxes for the richest people in the country by changing the effective interest rule, was forced to secure the vote of Senator Kirsten Cinema. It was deleted.
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“The whole bill is a mess,” one man, Tom, told Fox News. I wouldn’t do anything.”
“There are a lot of things you can deduct for tax purposes, so what are you going to do about it?” he said.
Daniel said Democrats should vote against the bill until the carry forward provision is added. As it stands, interest carried forward (the portion of investment fund profits that goes to directors) is taxed at a lower rate than other workers think.
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Daniel told Fox News, “If they don’t pay their dues… I think that’s definitely something the bill needs to be tweaked.”
Another man, Zion, was skeptical about how much the bill could actually accomplish.
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Zion told Fox News, “I really don’t trust what governments are doing about climate or anything really. He added that he had already “failed mankind” by not doing so.
Senators Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts, both liberals with a history of hitting financial loopholes, voted in favor of the Inflation Reduction Act. Ocasio-Cortez, known for his aggressive stance on raising taxes on billionaires, is set to put the bill to a vote on Friday.
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“Climate change is something that has been ignored for too long,” Max told Fox News. I think we have to work on it now.”
Zion said he lost faith in the government’s ability to help average Americans.
“It will always be for the betterment and protection of people like me and those who are of higher social and economic status than those who live in this area.