LyrArc Article Gist
  $112 billion out of $170 billion in new investments resulting from Biden's 2 climate laws, and the bulk of the 200,000 new jobs are being pushed by president Biden into Republican states. Republican voting states including many southern states are getting the largest share of the hundreds of billions of dollars in renewable energy investments by the Biden administration. Two new climate laws were passed by Biden without many Republican votes in 2022. WSJ offers a visual guide to where new manufacturing investment is taking place. It shows that three fourths of the $170 billion in investments by companies are going to Republican voting states. On a state wide basis this amounts to $112 billion for Republican states. Most of the public is unaware of the role of the climate laws in this new investment in manufacturing. This is why other presidents talked about manufacturing investment including previous presidents Republican and Democrat, president Biden has done the country a great service by making much needed investment in manufacturing and creating a new sense of hope in once neglected communities. Investments are being attracted to these states many in the south with easier land development and lower costs for labor, electricity, and lower taxes. This gives Republican states the ability to use their advantages in the best way and overcome the failure of many Republicans in Congress to support these investments with president Biden putting together bipartisan support.  ...

LyrArc Article Gist
The skills to navigate different personalities and work patiently on the issues surrounding changes to the U.S. tax system of Rep. Dave Camp (MI), chairman of the U.S House of Representatives Ways and Means Committee, will be immensely useful in the effort to make changes to the U.S. tax system. Camp works well with fellow House Republican leaders Boehner, Ryan, Cantor, and his Democratic counterpart in the U.S. Senate Max Baucus. Camp is a good listener, refuses to engage in partisan criticism, and has the patience to work through difficult issues of achieving savings and keeping fairness in the the tax changes. Earlier efforts to achieve consensus in late 2011 failed, making it even more important to have leadership which can create productive debate and bridge the differences. The tax changes are part of the overall effort for U.S. economic recovery by reducing the deficit.

LyrArc Article Gist
Rep. Dave Camp, House Ways and Means Committee chairman, representing northern Michigan, says every deduction in the tax code is there because of a reason, and powerful lobbies will oppose any changes. The best he can do is work himself out of this job as he will have to tackle the Democrats on entitlements, the business lobbies on tax loopholes, and other lobbies protecting their preferences in the tax code. He plans to achieve a simpler tax code with lowered rates of 25% for business and earners above six figures, and 10% for everyone else. The approach he is taking is to be revenue neutral when tackling tax reform, in the belief that the economic growth generated from a simpler tax code and lower rates would generate revenues of 18 to 19% of GDP, up from about 16% today. He says the economc cost of not getting this done to get the economy rolling again is so high that he is upbeat that both sides can come together after the election no matter who wins. He is also looking at a repatriation tax of 5% on profits kept by American companies overseas, which would boost revenues for business which could be reinvested in stead of sitting idle. Today the much steeper tax rate on repatriation makes businesses reluctant to bring it back....