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The House Ways and Means Committee can obtain former President Donald Trump’s tax returns from the Internal Revenue Service, a federal appeals court ruled 3-0 Tuesday.
“With great patience, we followed the judicial process, and yet again, our position has been affirmed by the Courts,” Rep. Richard Neal, D-Mass., chair of the House Ways and Means Committee, said in a statement to USA TODAY. “I’m pleased that this long-anticipated opinion makes clear the law is on our side. When we receive the returns, we will begin our oversight of the IRS’s mandatory presidential audit program.”
On Twitter, the committee said it expects to receive the requested tax returns and audit files “immediately.”
Trump’s lawyers contend that Congress is not seeking the tax returns of other presidents, but those records are already in the public domain. Trump was the first presidential candidate in modern times not to release his tax returns.
Biden signs computer chips bill into law
President Joe Biden on Tuesday signed a sweeping bipartisan bill that aims to boost domestic manufacturing of computer chips and counter China’s edge in that sector.
What is the bill about? The bill, which Congress approved at the end of July, includes roughly $52 billion in incentives for the semiconductor industry.
Reducing the United States’ reliance on chips produced in China has been a priority for Biden. He had urged Congress to take swift action to improve US output of semiconductors, framing the issue as an economic and national security imperative.
In addition to incentives to manufacture semiconductors, including grants, companies that build chip plants in the US will be eligible for a 25% tax break. Lawmakers also approved $200 billion for scientific research.
What’s in it for the public? Supporters of the bill say the investment will help America avoid future supply chain shortages and bring down the cost of goods in the long term. As National Economic Council director Brian Deese said in July, financial incentives will affect “companies’ decision-making almost immediately” and hopefully cause them to expand their operations in the US
But he acknowledged: “This is a long-term project, a long-term national project that is of vital economic and national security consequence, and the ultimate impact of that will be felt over the course of years.”
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- Inflation Reduction Act: If signed into law, the new climate bill could reduce domestic greenhouse gas emissions and lower the costs of sustainable energy technologies and energy-saving devices.
Republicans nix insulin price caps on private insurance in blow to Democrats
Senate Democrats managed to keep the out-of-pocket price for most insulin at $35 per month via the Inflation Reduction act passed Sunday and sent to the House. But millions of diabetics still will pay more after Republicans amended the measure to exclude private insurers.
“It’s pure capitalism,” said Carmen Balber, executive director of Consumer Watchdog, a non-profit consumer advocate organization. “Because insulin is so necessary, they’re able to charge more for it.”
All but seven Republicans – Susan Collins of Maine, Cindy Hyde-Smith of Mississippi, Josh Hawley of Missouri, John Kennedy and Bill Cassidy of Louisiana and Lisa Murkowski and Dan Sullivan of Alaska – pushed to limit the cap to Medicare only. Republicans who voted against the cap argued that the Senate should decide on the cap separate from the larger reconciliation bill.
One in three Medicare recipients has diabetes, with over 3.3 million who rely on insulin. Hundreds of dollars per year could be saved with a $35 co-pay cap, according to Balber.
ICYMI: Here’s the OnPolitics special edition on the search for Trump’s Mar-a-Lago home from earlier today. –She & Amy
George is Digismak’s reported cum editor with 13 years of experience in Journalism