Senate passes health, tax, and climate bill that shows what Congress can do

The Inflation Reduction Act

The Inflation Reduction Act allocates hundreds of billions of dollars toward lowering the deficit while also allocating a total of $430 billion to battle climate change and improve health care coverage.

In spite of the fact that all Republicans voted against it, the United States Senate managed to approve a historic measure on Sunday. This bill will have an effect on healthcare, the environment, and inflation in this country for many years to come.

Democrats and Republicans

The final vote on the Inflation Reduction Act was cast by Vice President Kamala Harris. The vote was deadlocked between Democrats and Republicans at 50 votes each, which cleared the way for the law to be brought to Congress later this week, where it is anticipated that it will be approved. According to NBC News, the 755-page measure allocates $430 billion to combat climate change and enhance health care coverage, while also designating hundreds of billions of dollars to cut the deficit.

Vice President Joe Biden

It's the most comprehensive climate package that's ever been signed into law, and it's a tremendous victory for Vice President Joe Biden, who hailed it as a "stand with American families over special interests" victory in a statement he released on Sunday.

"I ran for President promising to make government work again for working families, and that is exactly what this law does — period," the president said. "This is the bill that makes that promise a reality." The bill, which just a few weeks ago appeared to be stuck in a stalemate, is actually much more limited than Democrats had hoped for, according to a story in The New York Times.

Senate Majority Leader Chuck Schumer

"The caucus is focused on what's in this law overwhelmingly, not what's not in this bill, even though every one of us would want more," Senate Majority Leader Chuck Schumer told the newspaper. "Because what's in this measure is so fantastic." It was necessary for you to thread the needle.

Advocate for Medicare

According to NPR, the new legislation that is being proposed would allow the federal health secretary to advocate for Medicare when negotiating the prices of certain high-cost medicines. This could have an effect on ten of the drugs that are covered by Medicare in 2026, and this number would grow to twenty by 2029.

Affordable Care Act

In addition, the out-of-pocket costs for prescription drugs for seniors will be capped at $2,000 per year, and approximately 13 million Americans under the Affordable Care Act stand to see a reduction in their health care premiums of $800, according to the statement released by Vice President Joe Biden. According to NPR, Republicans were able to prevent the passage of a provision in the measure that would have set a limit on the cost of insulin at $35 per month.

"climate resiliency financing"

On the issue of climate change, the proposal would provide consumers with tax advantages to buy electric vehicles and offer incentives to install wind or solar power energy sources in their houses. Additionally, consumers would be given financial incentives to buy electric automobiles. According to The Times, the bill provides "climate resiliency financing" for native Indian and Hawaiian inhabitants in addition to allocating sixty billion dollars to economically disadvantaged regions that will be adversely affected by climate change.

The Democrats renamed a plan that had previously been referred to as the Build Back Better bill in the aim of addressing inflation, which is one of the concerns that is most front and centre for voters.

Government deficit by $300 billion

According to a story from The Times, the purpose of the measure is to reduce the government deficit by $300 billion over the course of the following decade; however, it is unknown how Americans will see decreased expenses over that time period.

A minimum corporate tax would be established in order to pay for the bill. Vice President Joe Biden stated that this would be done "so that our richest corporations start to pay their fair share." He said that there wil not be any increase in taxes for individuals making less than $400,000 per year.