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Joe Biden - Chuck Schumer - Urban Institute - Joe Manchin - What's in, and out, of Democrats' climate, health care and inflation bill - fox29.com - Usa - state West Virginia - Washington
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What's in, and out, of Democrats' climate, health care and inflation bill
WASHINGTON - What started as a $4 trillion effort during President Joe Biden's first months in office to rebuild America's public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change, and deficit reduction strategies that appears headed toward quick votes in Congress.Lawmakers are poring over the $739 billion proposal struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin, the conservative West Virginia Democrat who rejected Biden's earlier drafts but surprised colleagues late Wednesday with a new one.What's in, and out, of the Democrats' 725-page "Inflation Reduction Act of 2022" as it stands now:Launching a long-sought goal, the bill would allow the Medicare program to negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.Those new revenues would be put back into lower costs for seniors on medications, including a $2,000 out-of-pocket cap for older adults buying prescriptions from pharmacies.Money would also be used to provide free vaccinations for seniors, who now are among the few not guaranteed free access, according to a summary document.Matthew Buettgens, a senior fellow at the Urban Institute, explains how the unwinding of Medicaid continuous coverage once the public health emergency ends will present certain challenges.The bill would extend the subsidies provided during the COVID-19 pandemic to help some Americans who buy health insurance on their own.Under earlier pandemic relief, the extra help was set to expire this year.
Rafael Henrique - IRS working to increase audit rates for high-earning Americans - fox29.com - Usa - Washington - Brazil
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IRS working to increase audit rates for high-earning Americans
BRAZIL - 2022/05/22: In this photo illustration, the homepage of the Internal Revenue Service (IRS) website seen on a computer screen through a magnifying glass. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) WASHINGTON - The IRS has been increasing its audit rates for earners making $100,000 or more based on data starting from the 2021 fiscal year. The IRS said "resource constraints" have limited the agency’s ability to conduct audits against high net worth individuals as well as major corporations and complex businesses," according to a statement released in May. "Audit rates for taxpayers with incomes of more than $200,000 decreased the most, largely because higher-income audits tend to be more complicated and require auditors to manually review multiple issues," Ken Corbin, chief taxpayer experience officer for the agency, told the House Oversight Subcommittee in May.A 2021 report found that IRS audits overall declined by 44% between the fiscal years of 2015 and 2019. The report found that Americans making more than $5 million per year only had a 2% chance of being audited, according to the report. The most recent announcement by the IRS comes as Democratic leaders push to boost taxes on some high earners and use the money to extend the solvency of Medicare. Under the latest proposal, people earning more than $400,000 a year and couples making more than $500,000 would have to pay a 3.8% tax on their earnings from tax-advantaged businesses called pass throughs.
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