The Democrats’ “Inflation Reduction Act” which, per the Congressional Budget Office, will increase taxes on the middle class by $20 billion, not to mention release an army of IRS agents on working-class Americans throughout the next decade, was facilitated by Bill Gates and (to a lesser extent) Larry Summers, who have been known to hang out with each other.
Naturally, the legislation was signed yesterday.
In a Tuesday Bloomberg news piece that sees more like a newsletter for the Bill Gates supporters group, the billionaire co-founder of Microsoft recounts how previously this year, as moderate Democratic Senators Joe Manchin and Kyrsten Sinema proceeded to halt the tax-and-spend legislation out of worry that it would elevate taxes levied on the middle class (it will), Gates claims he exploited a relationship with Manchin that he had been fostering since at least 2019.
According to reports, Gates and Manchin’s friendship started after the business magnate lured the senator from West Virginia over meal in Seattle in 2019 in a bid to win over backing for clean energy legislation. Manchin was the most senior Democrat on the energy committee at the time.
“My dialogue with Joe has been going on for quite a while,” said Gates.
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Gates acted quickly when Manchin (again) pulled away from the bill in December due to worries that it would increase the national debt, inflation, the pandemic, and the level of geopolitical unrest with Russia. A few weeks later, he had dinner with Manchin and his wife Gayle Conelly Manchin, at a restaurant in Washington DC, where they discussed the state of West Virginia. Manchin obviously wanted to protect jobs in the heart of the US coal sector, whereas Gates stated that coal plant workers might simply switch to nuclear reactors, such as those built by Gates’ TerraPower.
Manchin appeared to be unconvinced, declaring on February 1 that the previous version of the Inflation Reduction Act, “Build Back Better” was “dead.”
Democrats gathered a team of economists and other Manchin-influencing figures to try to persuade him otherwise, including former Treasury Secretary Lawrence Summers, who persuaded Manchin that the plan would not increase taxes on the middle class or increase the deficit.
On July 7, Gates swung into action once more when Manchin was sighted at the Sun Valley media convention in Idaho, which Gates also attended.
“We had a talk about what was missing, what needed to be done,” Gates said. “And then after that it was a lot of phone calls.”
In the article about how he gets the credit for what happened, Gates states, “I don’t want to take credit for what went on.”