By F&S Politics | August 2022
On August 16, President Biden signed the H.R.5376 - Inflation Reduction Act of 2022 into law. The bill includes funding to increase U.S. energy security and combat climate change, lowers the cost of prescription drugs, and raises taxes on corporations. The bill passed in the U.S. House by a vote of 220-207 on August 12. Vice President Kamala Harris cast the tiebreaking vote for the bill to pass 51-50 in the U.S. Senate on August 7. No Republicans voted for the bill.
Key provisions:
Provides $369 billion to increase U.S energy security and combat climate change. Democrats say the bill will reduce carbon emissions by roughly 40% by 2030.
Imposes a 15% corporate alternative minimum tax on corporations that earn more than $1 billion per year.
Imposes a 1% excise tax on stock buybacks by certain publicly traded corporations.
Provides an additional $80 billion in funding to the Internal Revenue Service for taxpayer services and enforcement.
Caps Medicare Part D out-of-pocket spending for prescription drugs at $2,000 per year.
Caps Medicare Part D insulin co-pays at $35 per month.
Provides a three-year extension of enhanced Affordable Care Act subsidies.
View the Senate Democrats summary of the Inflation Reduction Act of 2022.
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