Topline
Senate Democrats voted Sunday to pass the landmark Inflation Reduction Act, approving the landmark $430 billion climate, tax and healthcare bill after months of negotiations that ended in a marathon series of overnight debates and amendment votes.
Vice President Kamala Harris stops to speak to reporters after casting the tie breaking vote to pass … [+]
Key Facts
All 50 Senate Democrats voted for the bill and all 50 Republicans voted against it, with Vice President Kamala Harris, as president of the Senate, casting the tie-breaking vote.
The legislation will next head to the House, which is expected to return from a summer recess on Friday.
Key Background
If the bill passes the House and is signed into law by President Joe Biden—who has signaled his support for the legislation—then more than $300 billion would be invested in alternative energy and climate programs, representing the biggest investment into clean energy by the federal government in American history. The bill also extends Affordable Care Act health insurance subsidies until 2025, aims to lower the cost of prescription drugs and introduces a new 15% minimum tax on corporations with an income of at least $1 billion.
Source: https://www.forbes.com/sites/carlieporterfield/2022/08/07/inflation-reduction-act-passes-senate-approves-430-billion-climate-and-healthcare-bill/