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House Passes Climate, Tax and Health Bill


Every Democrat in Congress ultimately supported the final product, known as the Inflation Reduction Act. It was shaped largely by Mr. Manchin, Mr. Schumer and Senator Kyrsten Sinema, the Arizona Democrat, another centrist who has resisted many of the tax hikes most colleagues have seen. all her support. The package scrapped most of the spending that would have been to expand the nation’s social safety net, and focused on plans to rescind elements of the 2017 tax law passed under the government. Trump administration.

But the bill would help spur the Biden administration to deliver on its pledge to cut emissions by about half by 2030, although scientists and climate activists warn that more action by Congress and by climate activists will be needed. more enforcement to achieve that goal. The law aims to use the tax code to encourage consumers and companies to buy and invest in electric vehicles, solar panels and other renewable energy sources such as wind or solar, as well as as the necessary facilities to build more such items in the country.

Package includes millions of dollars in climate recovery funding for tribal governments and 4 billion dollars to Solving drought in the western statesand it introduces penalties for fossil fuel companies that emit excessive methanea greenhouse gas.

As part of a long-standing effort to expand access to health care nationally, Democrats included a three-year extension of the expanded health care subsidies passed last time. first last year as part of a $1.9 trillion pandemic aid bill. The bill would also give seniors access to free vaccines, allow Medicare to negotiate the cost of up to 10 initial prescription drugs, starting in 2026, and cap out-of-pocket drug costs. year for Medicare recipients at $2,000. It will also cap insulin costs at $35 per month for those who enroll.

To pay for the package, the measure would impose a new 15% minimum tax on companies that report more than $1 billion in book income to their shareholders, the profits the companies report. shareholders and will levy a 1% tax on the company’s shares. acquisitions beginning in 2023. The law will also invest $80 billion in the IRS, which Democrats say will aid the agency’s historically underfunded agency and help crack down on corporations and wealthy tax evaders. . That provision is expected to increase 124 billion dollars over a decade.

Republicans have heavily trained their fury on the provision, warning that it looks like a heavy attack on middle- and lower-class taxpayers. In response to the criticism, Janet L. Yellen, Secretary of the Treasury, agency guide this week to make sure the audit rate won’t increase for small businesses or families with incomes below $400,000.



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