Biden Passes $750 Billion Climate, Health Care, and Tax Bill

It’s Wednesday, August 17. Welcome to the News Diet. Today I’m gonna talk about the massive legislation just signed by Biden, the mysterious series of explosions in Crimea, the resurrection of the extinct Tasmanian Tiger, and also the supersonic jets being bought by major airlines. Let’s be informed so we can get on with our day.

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President Biden signed The Inflation Reduction Act yesterday, after a long journey through Congress. The now law is a $750 billion package with changes to health care, taxes, and environmental initiatives. So this is a huge bill, and it's very partisan, gaining widespread support from Democrats and staunch pushback from Republicans. This legislation is intended to be rolled out over 10 years, so it’s effects one way or another likely won’t be seen for a while.

In short, this package makes major changes to three areas - health care, taxes, and environmental initiatives. Starting with health care, medicare - which is health insurance for people over 65, can now negotiate prices with drug companies, and also Obamacare subsidies are extended through 2024. Regarding climate action initiatives, this act gives hundreds of billions of dollars towards the alternative energy industry hoping to incentivize companies to invest more in decarbonization efforts. The legislation is supposedly to be paid for through new taxes - which includes a 15% minimum tax on large corporations and a 1% tax on stock buybacks, as well as an $80 billion investment into growing the IRS. 

Just by looking at how Congress voted, you know this law has strong opinions on both sides. Many Democrats are very happy with the signing of the bill and consider this a huge step in the right direction for more social safety nets, lower costs of drugs, and big investments into carbon-reducing technologies, as well as having big corporations “pay their fair share” as is a common Democratic sentiment.

But opponents of this package, including most Republicans, claim that this law does the opposite of its name and will actually increase inflation considering the amount of money that it requires. They also claim that the new corporate tax rate will negate tax benefits and therefore stifle business incentives. They also oppose the expansion of government departments like the IRS and EPA.

Regardless of the partisan nature - the bill has been signed and Biden is said to be getting a team together soon to discuss the implementation plan. This passage of this bill is likely to be a big Democratic talking point during the upcoming midterm elections.

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In just a week, a second round of explosions hit Crimea. Crimea is currently occupied by Russia, who annexed it from Ukraine in 2014. Russia considers Crimea as a part of its territory, but Ukraine has yet to recognize this, and has vowed to reclaim it. The region has played a pretty significant role throughout this conflict, as Russia has been using it as a base. It’s actually a pretty good location for them, considering that it’s on the edge of country and away from the frontlines of the fighting.

So this area has up to now been considered a safer and quieter place to reside. There’s even Russian tourists vacationing there currently. So this makes the recent explosions kind of mysterious. And I say mysterious because no one is entirely sure who’s responsible. Russia came out yesterday claiming that the blasts were acts of ‘sabotage’, but it’s not clear on who they’re blaming. And Ukraine hasn’t declared responsibility either. It would actually be quite difficult for Ukrainian forces to attack Crimea since it is so far from the fighting. And also, an attack in this territory could be seen as an escalation in the conflict. Striking what Russia considers to be within its borders would likely draw a strong retaliation. So unfortunately there aren’t a lot of answers at this time.

What is known, is that the blasts have caused significant damage to the base. The destruction includes 8 Russian warplanes, a damaged power station, and also railway. It also forced the evacuation of 2,000 people from a nearby village. 

Russia has been making advancements along the Southern and Eastern areas of Ukraine the last couple months, even occupying specific regions. Ukraine has failed to back down from their defense, and some reports are even claiming that they intend to ramp up offensives even in these occupied areas.

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A Texas-based startup is hoping to revive the currently extinct tasmanian tiger. Colossal Biosciences is a biotechnology startup and refers to itself as “The De-extinction Company”. They’re hoping to resurrect these species by working with the DNA of the past animals along with modern animals. Here, Colossal Biosciences is hoping to recreate what’s also called the ‘Tasmanian wolf’, or ‘Tasmanian Tiger’, due the stripes on its back. This animal was a dog-sized carnivore that once lived in Australia and the island of Tasmania of the coast of Australia.

There are believed to have been up to 5,000 of these at the time of European colonization, but went extinct in the 1930s from overhunting and habitat destruction. The company has already been able to sequence the ‘Tasmanian Tiger’ genome this year, but it would still be a while before actually bringing it to life again.

Colossal Biosciences is also working to revive the woolly mammoth - or at least another kind of cold-resistant elephant that would sound, look, and live like the mammoth did.

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Supersonic travel might be just a few years away - and airlines are starting to place orders for these incredibly fast jets. The company making and selling these aircrafts is called Boom Technology and their proposed supersonic airliner is called Boom Overture. Already American Airlines, United Airlines, and several others have placed orders. 

These jets would allow for almost twice as fast speeds, with one estimation putting a flight from Miami to London in just under five hours. Right now it’s about nine. An American Airlines spokesperson said that it’s still too early to determine seat prices, but Boom Technology has said that the prices could likely go for around business class fares. 

These jets are quite small though, fitting only about 65-80 passengers. Environmentalists have criticized the jets for burning more fuel per passenger than other commercial planes, but the Overture is supposedly being designed to run on sustainable fuel.

Boom Overture jets are aiming to start flights in 2029.

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It’s Wednesday, August 17. And you’ve just been informed. Now it’s time to get on with your day. I’m Michele Carroll. Thanks so much for listening.

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https://thehill.com/changing-america/enrichment/science/3604519-dallas-based-startup-plans-to-revive-the-extinct-tasmanian-tiger/

https://colossal.com/

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https://www.reuters.com/business/aerospace-defense/american-airlines-buy-up-20-boom-supersonic-jets-2022-08-16/

https://en.wikipedia.org/wiki/Boom_Overture#Order_Summary 

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https://www.bbc.com/news/world-europe-62560041

https://www.foxnews.com/world/expert-cases-doubt-report-ukrainian-special-forces-crimea-airfield-attack

https://www.foxnews.com/world/ukraine-says-demilitarization-action-explosions-rock-ammo-depot-russia-occupied-crimea 

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https://www.foxnews.com/media/biden-slammed-signing-inflation-reduction-act-dark-day-everyday-americans

https://www.cnn.com/2022/08/16/politics/biden-inflation-reduction-act-signing/index.html

https://www.cbsnews.com/philadelphia/video/president-biden-signs-inflation-reduction-act-1/

https://www.youtube.com/watch?v=Djt2JB1xcqs

https://www.youtube.com/watch?v=sY-8eo2sSQs

https://www.youtube.com/watch?v=lZjKJ57Ooyc

https://www.youtube.com/watch?v=HfGpAOr7ZMA

https://www.youtube.com/watch?v=a2dbYWGc0XI

https://time.com/6206476/inflation-reduction-act-climate-challenges/