What started as a $4 trillion effort to rebuild public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change and deficit reduction strategies.
Sen. Joe Manchin, D-W.Va., is met by reporters outside the hearing room where he chairs the Senate Committee on Energy and Natural Resources, at the Capitol in Washington, Thursday, July 21, 2022.
Launching a long-sought goal, the bill would allow the Medicare program to negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window. Under earlier pandemic relief, the extra help was set to expire this year. But the bill would allow the assistance to keep going for three more years, lowering insurance premiums for people who are purchasing their own health care policies.The bill would invest $369 billion over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.
In all, Democrats believe the strategy could put the country on a path to cut greenhouse gas emissions 40% by 2030, and “would represent the single biggest climate investment in U.S. history, by far.”The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.
Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade. Federal deficits have spiked during the COVID-19 pandemic when federal spending soared and tax revenues fell as the nation’s economy churned through shutdowns, closed offices and other massive changes.
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What's in, and out, of Democrats' inflation-fighting packageWhat started as a $4 trillion effort during President Joe Biden's first months in office to rebuild America's public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change and deficit reduction strategies that appears headed toward quick votes in Congress. Lawmakers are poring over the $739 billion proposal struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin, the conservative West Virginia Democrat who rejected Biden's earlier drafts but surprised colleagues late Wednesday with a new one. Launching a long-sought goal, the bill would allow the Medicare program to negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.
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What's in, and out, of Democrats' inflation-fighting packageHere's what is in the Democrats' 725-page 'Inflation Reduction Act of 2022' as it stands now — and what didn't make the cut.
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Democrats’ trimmed-down inflation-fighting package still has plenty in itLawmakers are pouring over the $739 billion proposal struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin.
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What’s great (and what’s not) about Manchin’s deal with SchumerThe good news: Senate Democratic leaders struck a deal on climate, health care, and taxes. The bad news: We don't know if it has the votes to pass. (via MaddowBlog)
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What's in, and out, of Democrats' climate, health care and inflation billHere’s a look at the Democrats' 'Inflation Reduction Act of 2022' as it stands after Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin reached a deal.
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