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Senate passes $739bn healthcare and climate bill after months of wrangling

Added 08-07-22 04:09:01pm EST - “Inflation Reduction Act will reduce planet-heating emissions and lower prescription drug costs ?" and give Biden a crucial victory” - Theguardian.com

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Posted By TheNewsCommenter: From Theguardian.com: “Senate passes $739bn healthcare and climate bill after months of wrangling”. Below is an excerpt from the article.

Inflation Reduction Act will reduce planet-heating emissions and lower prescription drug costs – and give Biden a crucial victory

Senate Democrats passed their climate and healthcare spending package on Sunday, sending the legislation to the House and bringing Joe Biden one step closer to a significant legislative victory ahead of crucial midterm elections in November.

If signed into law, the bill, formally known as the Inflation Reduction Act, would allocate $369bn to reducing greenhouse gas emissions and investing in renewable energy sources. Experts have estimated the climate provisions of the bill will reduce America’s planet-heating emissions by about 40% by 2030, compared with 2005 levels.

Democrats have promised the bill will lower healthcare costs for millions of Americans by allowing Medicare to negotiate prescription drug prices and capping Medicare recipients’ out-of-pocket prescription drug prices at $2,000 a year. Those who receive health insurance coverage through the Affordable Care Act marketplace are also expected to see lower premium costs.

The legislation includes a number of tax provisions to cover the costs of these policies, bringing in $739bn for the government and resulting in an overall deficit reduction of roughly $300bn. The policy changes include a new corporate minimum tax, a 1% excise tax on stock buybacks and stricter enforcement by the Internal Revenue Service.

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