Inflation Reduction Act Of 2022 w/Impact On: Energy, Climate Change, & HealthCare
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Joe Biden, 46th President of the United States (Public Domain, https://creativecommons.org/share-your-work/public-domain/, Presented at: WindermereSun.com)
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Watch live coverage as President Biden delivers remarks on the Inflation Reduction Act of 2022 which includes investments in drug pricing and provisions to address climate change, in the video streamed on July 28, 2022, “LIVE: Biden Delivers Remarks on the Inflation Reduction Act | NBC News” below:
For more about Inflation Reduction Act of 2022, please refer to excerpt from wikipedia, in italics, below:
The Inflation Reduction Act of 2022[1][2] is a budget reconciliation bill sponsored by Senators Chuck Schumer and Joe Manchin authorizing $370 billion in spending on energy and climate change, $300 billion in deficit reduction, 3 years of Affordable Care Act subsidies, prescription drug reform and tax reform.[1] The bill was the result of negotiations on the proposed Build Back Better Act, which had been reduced from its initial proposal.[1]
Provisions
The bill would raise revenue from:[3]
- Aligning with the 15% global minimum corporate tax rate – $313 billion
- Prescription drug price reform, including Medicare negotiation of drug prices – $288 billion
- Increased tax enforcement – $124 billion
- Eliminating the carried interest loophole – $14 billion
It would spend this revenue on:[3]
- Continuing for three more years the expansion of Affordable Care Act subsidies originally expanded under the American Rescue Plan Act of 2021 – $64 billion
- “Energy Security and Climate Change” – $369 billion
- Deficit reduction – $306 billion
- Solar investment tax credit to be extended 10 years at 30% [4]
As part of the investment into energy, the bill would extend the solar investment tax credit for 10 years.[8] After the publication of the bill’s initial draft text, it was announced that Democrats would also work towards adding provisions to cap insulin prices to the bill.[9]
Several provisions in the initial deal between Schumer and Manchin were changed after negotiations with Sinema: a provision narrowing the carried interest loophole was dropped, a 1% excise tax on stock buybacks was added, manufacturing exceptions were added to the corporate minimum tax, and funding for drought relief in Arizona was added.[3][10][11]
Reactions
Manchin issued a statement for his support of the bill.[4] President Joe Biden also stated his support for the proposed bill.[2]
Senators Joe Manchin and Chuck Schumer say they have reached a deal on the Inflation Reduction Act, a bill that includes measures to fight inflation, lower drug costs and address climate change. CBS News congressional correspondent Nikole Killion breaks down the legislation and other measures that Congress is working to pass, in the video published on July 27, 2022, “Senate Democrats reach deal on Inflation Reduction Act“, below:
In the video published on July 28, 2022, “Inflation Reduction Act of 2022 Breakdown“, below:
Congressman for CA-17 in the Silicon Valley. Working to bring tech jobs in my district and across America. No contributions from PACs or lobbyists, in the video published on July 27, 2022, “Ro Khanna on CNN Tonight with Laura Coates discussing the Inflation Reduction Act“, below:
Additional points in Inflation Reduction Act of 2022 mentioned in the video above:
- Reduce carbon emissions by roughly 40& by 2030
- Allow Medicare to negotiate drug prices
- Cap out-of-pocket prescription costs at $2,000
- Extend expiring Obamacare subsidies for three years
In a wide-ranging interview, Senator Elizabeth Warren talks about the Inflation Reduction Act, the Fed’s decision to raise interest rates, Democratic strategy in 2022 and 2024, and more, in the video published on July 28, 2022, “Senator Elizabeth Warren Talks Inflation Reduction And Avoid Political Catnip“, below:
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