The 'Inflation Reduction Act' passed in the Senate Sunday, with the Democrats’ compromise of health care, climate change and deficit-reduction strategies. We break down what the bill has inside.
is full of party priorities — including capping prescription drug costs at $2,000 out of pocket for seniors, helping Americans pay for private health insurance and what Democrats are calling the most substantial investment in history to fight climate change.It’s all paid for largely with new corporate taxes, including a 15% minimum tax on big corporations to ensure they don’t skip out on paying any taxes at all.
The money would also be used to provide free vaccinations for seniors, who now are among the few not guaranteed free access, according to a summary document. 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 the purchase of used electric vehicles and $7,500 for new ones.
The revenue would have been $313 billion, but Sinema insisted on one change to the 15% corporate minimum, allowing a depreciation deduction used by manufacturing industries. That shaves about $55 billion off the total revenue. In its place, Democrats, with Sinema’s nod, will impose a 1% excise tax on stock buybacks, raising some $74 billion over the decade.
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