The House of Representatives on Friday passed a sweeping climate, health care and tax bill, delivering President Joe Biden and Democrats a major victory on key social goals ahead of November's midterm elections.
– can help them maintain, or grow, their narrow Congressional majorities.
Among the climate benefits, the bill includes rebates on the purchase of energy efficient appliances for the next decade, a tax credit for homeowners of up to 30% of the value of big clean energy projects, like rooftop solar, and a $7,500 tax credit on the purchase of a new electric vehicle for Americans making less than $150,000 per year.
The bill would raise around $740 billion in revenue over the decade, over a third from government savings from lower drug prices. More would flow from higher taxes on some $1 billion corporations, levies on companies that repurchase their own stock and stronger IRS tax collections. Around $300 billion would remain to defray budget deficits, a fraction of the period's projected total of $16 trillion., the bill will reduce inflation by 0.
Echoing other culture war themes, the GOP has criticized initiatives like tax breaks for clean energy and electric vehicles as wasteful spending. "What Republicans ought to do – I would personally say that we should deny them a physical quorum today, I wouldn't even play their game today flying in here and having 175 people voting by proxy – but if this thing passes today, which I assume it will ... I would say we should defund all of these entities and we should commit to repealing this bill on day one if the American people give us the power and give us the control in the House," Roy said on Fox News on Friday.
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