by– Source: www.theatlantavoice.com – Senate Democrats scored a key victory when they passed a package on Sunday afternoon that includes provisions on climate, health care and corporate taxes. While not the $2.2 trillion Build Back Better Act President Joe Biden wanted, the Cut Inflation Act continues to deliver comprehensive provisions that promise to pay down debt of the country of more than 294 billion dollars.
In addition, the legislation will invest in clean energy initiatives that aim to spur job growth while fighting climate change, expand the Affordable Care Act’s expanded grants designed to curb rising costs health care and reduce prescription drug costs by allowing Medicare to negotiate drug prices.
The Cut Inflation Act will inject at least $370 billion into climate and energy programs. It is also investing nearly $400 million over 10 years in climate programs such as electric vehicles and renewable energy. The legislation passed without Republican support, which forced Vice President Kamala Harris to cast the deciding vote.
“It’s been a long, hard, winding road, but finally, we’ve finally arrived,” said Senate Majority Leader Chuck Schumer, D-New York.
“The Senate writes history. I am confident that the Inflation Reduction Act will remain one of the defining legislative feats of the 21st century,” he continued.
The year-long fight Majority Leader Schumer waged is representative of the competing interests within the Democratic caucus. This bill would not have passed without the support of Senator Joe Manchin of West Virginia. Manchin has been a strong advocate as President Biden pushed Build Back Better because he wasn’t looking for states that rely heavily on coal mining.
The Cut Inflation Act also includes $30 billion to increase production of solar panels, wind turbines, batteries and critical mineral processing; $10 billion to build facilities to make things like electric vehicles and solar panels; and $500 million through the Defense Production Act for heat pumps and key mineral processing.
Senators Jon Ossoff and the Reverend Raphael Warnock also scored major victories. The two major bills that Senator Reverend Warnock introduced are included in the Inflation Reduction Act are invoices to cap insulin costs at $35 per month for Medicare patients, and its to plan cap the cost of prescription drugs for seniors at $2,000 per year.
“I am thrilled that we have finally been able to embrace this historic, once-in-a-generation investment in the future of our country, which will reduce costs for Georgians, create clean energy jobs and reduce the deficit at the same time” , said the senator. Reverend Raphael Warnock. “I am especially proud that the legislation includes two provisions that I introduced to cap insulin costs for Medicare patients at $35 per month and to cap prescription drug costs for seniors. This bill will improve access to health care and reduce health care costs for Georgians.
The legislation also allows Medicare to negotiate drug prices, which, if this part of the bill becomes federal law, would be the largest expansion of the Affordable Care Act, colloquially known as Obamacare.
“I’m not in love with politics, I’m in love with change – and this legislation will bring real change to people’s lives. Whether it’s saving money for seniors by allowing Medicare to directly negotiate drug prices, expanding subsidies for vital health care, or greening the economy, this legislation will have a lasting impact on the lives of Georgians,” Senator Warnock continued.
“Today the Senate passed major legislation to help seniors pay for their prescriptions, build an energy-independent economy, cut pollution and cut the deficit,” Ossoff said. “I am thrilled that this bill includes my Solar Power Manufacturing for America Act to boost American production of solar technology and help Georgia continue to grow as a manufacturing powerhouse. high technology and renewable energy.”
Meanwhile, Democrats approved a new minimum corporate tax of 15% on profits reported to shareholders by corporations, which has been called a victory for the private equity lobby. The new corporate tax will apply to businesses that report more than $1 billion in annual revenue on their financial statements, but can also use credits, deductions and other tax treatments to lower their tax rates. effective taxation. This provision was fashioned by Sen. Kyrsten Sinema, D-Arizona.