The estimated $740 billion Inflation Reduction Act passed Sunday by the Senate and heading to the House includes a historic investment in the fight against climate change. Here's what else is in the bill:
Called the “Inflation Reduction Act of 2022,” it's not at all clear the 755-page bill will substantially ease inflationary pressures, though millions of Americans are expected to see some relief in health care and other costs.
Seniors would also have insulin prices capped at $35 a dose. A provision to extend that price cap on insulin to Americans with private health insurances was out of line with Senate budget rules and Republicans stripped it from the final bill.COVID-19 pandemicUnder 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.
For consumers, there are tax breaks as incentives to go green. One is a 10-year consumer tax credit for renewable energy investments in wind and solar. There are tax breaks for buying electric vehicles, including a $4,000 tax credit for purchase of used electric vehicles and $7,500 for new ones. The new corporate minimum tax would kick in after the 2022 tax year and raise more than $258 billion over the decade.
Keeping the tax break for the wealthy deprives the party of $14 billion in revenue they were counting on to help pay for the package.
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Bernie Sanders says Inflation Reduction Act will have 'minimal impact' on inflationVermont Sen. Bernie Sanders said on Saturday that the Inflation Reduction Act being debated in Congress will have a 'minimal' impact on record inflation in the United States.
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Thinking about an EV? First-ever $4,000 tax credit for used electric vehicles, and $7,500 for new, nears approvalHere’s what buyers of new and pre-owned Tesla, Ford, Hyundai and other electric vehicles need to know as Congress gets closer to passing the Inflation Reduction Act
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What’s inside the ‘Inflation Reduction Act’?: Climate, health care, savingsthe Democrats’ compromise of health care, climate change and deficit-reduction strategies is still a substantial undertaking, with the Senate passing the 'Inflation Reduction Act' Sunday. We break down what the bill has inside.
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Pelosi, Schumer have created a historic 'big government socialist machine': GingrichFormer House speaker reacts to Democrats passing their $739 billion Inflation Reduction Act amid Republican pushback and record inflation.
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Cramer: The Inflation Reduction Act is really a tax on companies and shareholdersStock-owning Democrats should be as appalled as stock-owning Republicans because this bill alone could be worth 150 basis points more of Fed tightening.
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Perspective | Why the ‘Inflation Reduction Act’ is no such thing
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