The Inflation Reduction Act was passed in the Senate after Vice President Kamala Harris cast the tie-breaking vote.
RELATED: Rising inflation impacts the stock market and more. Here’s how.
The Senate passed the Inflation Reduction Act, which includes record spending on clean energy initiatives, measures to reduce prescription drug prices and a tax overhaul to ensure large corporations pay income taxes. Every Democrat voted in support and every Republican against the measure.
It heads to a vote in the Democratic-controlled House, where it's likely to pass as early as Friday. Senate Majority Leader Chuck Schumer, D-N.Y., called the bill a "defining legislative feat of the 21st century" and "the boldest climate package in U.S. history" on the Senate floor before the final vote. "To those of you who have lost faith that Congress can do big things, this bill is for you," he said.
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#Senate #Inflation #Politics
This administration is damning this country and there will be no redemption
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How to stop inflation, spend 700 billion more dollars. Good luck Fed on stopping this inflation lol
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Why is the magnetic North Pole moving from Canada to Siberia? I’m sure paying more taxes will fix it 🤣
When have price caps ever worked, let alone create a shortage, especially given only 3 companies make 95% of all insulin..2 based in France and Netherlands.. (we just price cap our only domestic company here in Indiana? )
No mention of the HUGE INCREASE in the IRS…here come the audits!
Stop cheating the system Ivan! I pray u get audited. Matter fact I’m reporting you right now Timmy
I wonder if even a single senator, reporter, or citizen has ever once read all 725 pages of this bill. Who knows what they actually passed, but I guarantee they wouldn’t pass anything they didn’t stand to directly profit from. Likely at our expense.
AMERICAN ANTI CORRUPTION BILL SPREAD THE WORD
we all know prices well just go up
Lol Igor! Try harder
I thought inflation wasn’t happening the last 20 months?
Thats wat Jen psaki and the rest of my gvt overlords told me
I think it’s important to notice how legislation is discussed. People who are opposed to this are just saying random things like “There goes inflation.” or “It’s not going to work”. Except it will. For example, if you are a senior, you pay no more than $2,000 for drugs each year. Explain how that’s bad. Republicans blocked a limit on how much can be charged for insulin, which some people can’t live without. It’s currently averaging $100 a month in this country. It averages less than $20 a month in our neighbors Canada and Mexico, and even lower in most of Europe. How is that good?
It would be wonderful to have more available insulin at a cheaper prices. And that IS possible, but not through price controls. Imagine you’re a businesses owner. You make lamps. You have employees, a factory, you pay for shipping costs, you’re paying off equipment etc., so when you add up all the costs you discover that it costs you $30 to make each lamp. So you sell your lamps for a 2.5% profit rounds up to $31 (2.5% is standard across most businesses, including medical businesses). Now imagine the government comes along and says that you cannot charge $31 for a lamp; they say that’s too much and now you are only allowed to charge $30. Now, if you make lamps you won’t make any money. You’ll have no money to grow, no money to expand your operation to make more lamps. And, realistically, you’ll stop making so many lamps. This is generally why price controls result in scarcer goods (fewer lamps). This is the same as rationing, by the way.
What a great day for America!!!!!!
Let me guess… taxes!!
Because of the Republicans not letting the 35.00 cap on insulin people’s lives are still at risk if they can not get their insulin. Those deaths will be on those that struck this down. 😪
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According to analysis by the Congressional Joint Committee on Taxation, nearly all Americans would see increased taxes by 2023.
The average tax rates would increase in nearly all income categories, according to its analysis, including lower income individuals such as those earning less than $10,000.
As a life long VOTING Democrat. Congratulations on the BILL! NOW when can I expect my FREE SOLAR PANELS and BATTERIES.Will I get them before MIDTERMS? Will the installation be COMPLETELY FREE or what? I know as Americans we have to pay a little more since our friends in China need to make money because of all the homeless they have. I hope you don’t give my solar panels and batteries to someone else. Cut all that REBATE stuff, just tell me where to PU my Panels.
51 to 50. Now that’s a voterama
Lmfao how to get out of inflation and debt. Spend more money! Lmfao I’m try that and see how it works.