Yesterday, Senate Democrats passed the $740B Inflation Reduction Act 51-50 with Vice President Harris casting the tie breaking vote.
The IRA reduces the deficit to fight inflation, addresses climate change by reducing harmful greenhouse carbon gas emissions 40% by 2030, promotes healthcare by lowering drug costs, and is paid for through a 15% minimum corporate tax.
President Biden said: “Today, Senate Democrats sided with American families over special interests. voting to lower the cost of prescription drugs, health insurance, and everyday energy costs and reduce the deficit, while making corporations pay their fair share. I ran for president promising to make government work for working families again, and that is what this bill does — period.”
Updated (Folded comments into thread-starter):
- $369B in climate change mitigation.
- PUKES blocked $35 insulin for diabetics with private insurance even though Democrats passed it for seniors on Medicare
$290B saved as Medicare can now negotiate lower prescription drug costs with pharma. Seniors currently pay an average
of $6,000 annually for Rx. Now, that cost will be capped at $2,000
$400B in Tax Reform Revenue including $87B for IRS to go after tax cheats; no tax hike for individuals earning <$400K
$300B in Deficit Reduction
15% corporate minimum tax