Joe Biden signs $430 billion climate and healthcare and tax bill
August 17, 2022, 8:07 am

Joe Biden signs $430 billion climate and healthcare and tax bill

Today, I signed the Inflation Reduction Act into law - President Joe Biden Twitter account

U.S. President Joe Biden on Tuesday (August 16) signed into law the Inflation Reduction Act, a scaled-down version of the massive "Build Back Better" package he and many Democrats envisioned last year, the Xinhua reported.

Today, I signed the Inflation Reduction Act into law — one of the most significant laws in recent history. With this law, the American people won and special interests lost. The Inflation Reduction Act does so many things that so many of us have fought to make happen for years and years, Biden said.

The bill includes a roughly 400-billion-U.S.-dollar investment in fighting climate change, measures to make prescription drugs more affordable, and a 15-percent minimum tax on most corporations that make more than 1 billion dollars per year.

The legislation would generate nearly 300 billion dollars of net revenue over a decade.

Democrats used a fast-track legislative process known as reconciliation, which allowed them to pass the measure without any support from Senate Republicans.

We can choose to build a future where everybody has an even shot. That’s the America I believe in.

And today, we’ve come a step closer to making that America real. pic.twitter.com/Tm1Fc0qtg6
— President Biden (@POTUS) August 16, 2022

In this historic moment, Democrats sided with the American people and Republicans sided with the special interests, Biden said.

Earlier this month, the evenly-divided Senate approved the bill by a vote of 51 to 50 along party lines.

On Friday (August 12), the bill cleared the House by a vote of 220 to 207, also along party lines.

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Democrats had been eager to push through their domestic policy ambitions before the mid-term elections, but Republicans strongly opposed the bill, arguing that tax increases would impose burdens on U.S. businesses and workers and hurt the economy, according to the Xinhua.

Senate Minority Leader Mitch McConnell said in a tweet: "Democrats robbed Americans last year by spending our economy into record inflation. This year, their solution is to do it a second time.”

"The partisan bill President Biden signed into law today means higher taxes, higher energy bills, and aggressive IRS audits," said McConnell, referring to the Internal Revenue Service, which administers and enforces U.S. federal tax laws.

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"You can't tax and spend your way out of an inflation crisis," House Minority Leader Kevin McCarthy said earlier, blaming the Biden administration's policies for the worst inflation in four decades.

The Tax Foundation, a nonprofit think tank, recently argued that by reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy.

Despite doubts over the effect on inflation, budget watchdog groups praised the bill.

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Maya MacGuineas, president of the Committee for a Responsible Federal Budget, noted that lawmakers sent a message that "it's time to start working to get our budget back on a sustainable trajectory."

MacGuineas said: "This bill is proof that when something is worth doing, it's worth paying for, and reducing our nation's alarming national debt is just as important as other pressing issues we face.”

The new bill is much smaller than the 3.5-trillion-dollar "Build Back Better" social spending bill Democrats initially attempted to advance last year.

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In November 2021, the House passed a roughly 2-trillion-dollar spending package, but it didn't gain support from Senator Joe Manchin of West Virginia, a key centrist Democrat, who walked away from negotiations in December due to disagreements over the price tag.

Last month, a surprise announcement of an agreement between Manchin and Senate Majority Leader Chuck Schumer brought the bill back to life.

A revised version of the bill then garnered support from another key Democrat, Senator Kyrsten Sinema, paving the way for its final approval.

levantews- xinhua

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.