Header Ads

Header ADS

U.S. Senate finally passes $750 billion 'Inflation Reduction Act'

With a 50-50 vote in the U.S. Senate, Vice President Harris finally cast a key vote. After 18 months of debate, the amount was continuously reduced by trillions of dollars, and finally passed the $750 billion proposed by the Democrats. The Inflation Reduction Act," which includes health care, taxes, and climate policy. Among them, the allocation to combat climate change is as high as 369 billion US dollars. Some citizens can get up to $7,500 tax-free on electric vehicles and $4,000 on used cars. The bill will give the authorities the power to "negotiate" some prescription drugs for the first time and extend health insurance benefits for three years. New taxes will be introduced to reduce the deficit, including a profit tax of up to 15% on large corporations and a 1% tax on share buybacks. The bill will be voted on in the House of Representatives on Friday before being signed into law by President Joe Biden. This is one of its important policies of Biden after taking office, which may be beneficial to the Democratic Party's November congressional midterm elections and local economic prospects.
Powered by Blogger.