Nearly all of Washington—Democrats, the press, lobbyists—is taking a victory lap with Senate passage of the Schumer-Manchin tax, and climate bill.
Or, maybe not. Our contributor Bjorn Lomborg looked at the Rhodium Group estimate for CO2 emissions reductions from Schumer-Man- chin policies. He then plugged them into the United Nations climate model to measure the impact on global temperature by 2100. He finds the bill will reduce the estimated global temperature rise at the end of this century by all of 0.028 degrees Fahrenheit in the optimistic case. In the pessimistic case, the temperature difference will be 0.0009 degrees Fahrenheit.
In other words, the climate provisions in this ballyhooed legislation will have no notable impact on the climate.
---Wall Street Journal, August 9, 2022
But the 87,000 new IRS agents will raise your taxes a lot more than that.