Here's what is in the Democrats' 725-page 'Inflation Reduction Act of 2022' as it stands now — and what didn't make the cut.
Here's what is in the Democrats' 725-page"Inflation Reduction Act of 2022" as it stands nowWhat started as a $4 trillion effort during President Joe Biden's first months in office to rebuild America's public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change and deficit reduction strategies that appears headed toward quick votes in Congress.
Money would also be used to provide free vaccinations for seniors, who now are among the few not guaranteed free access, according to a summary document.The bill would extend the subsidies provided during the COVID-19 pandemic to help some Americans who buy health insurance on their own. For consumers, there are tax breaks as incentives to go green. One is a 10-year consumer tax credit for renewable energy investments in wind and solar. There are tax breaks for buying electric vehicles, including a $4,000 tax credit for purchase of used electric vehicles and $7,500 for new ones.
The new corporate minimum tax would kick in after the 2022 tax year and raise some $313 billion over the decade. The lower drug prices for seniors are paid for with savings from Medicare's negotiations with the drug companies.With $739 billion in new revenue and some $433 billion in new investments, the bill promises to put the difference toward deficit reduction.
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