The US Senate has passed Joe Biden’s healthcare and climate bill, sending the legislation to the House and bringing Joe Biden, president of the United States one step closer to a significant legislative victory ahead of the important midterm elections in November 2022.
If signed, the bill, which is known as the Inflation Reduction Act, will allocate 369 billion dollars to reduce greenhouse gas emissions, and also investing in the sources of renewable energy. The Experts have estimated that the climate provisions of the bill will decrease planet-heating emissions of the United States by around 40 percent by 2030.
The US Democrats have also promised the bill will decrease healthcare costs for millions of people of the US by allowing medicare to begin negotiating the price of certain expensive prescription drugs. The people who receive health insurance coverage through the Affordable Care Act, are also expected to see low premium costs.
This new legislation includes a number of tax provisions to cover the costs of all these policies, which brings in 739 billion dollars for the government, and result in an overall deficit reduction of around 300 billion dollars. The policy changes include a new corporate minimum tax, which is a 1 percent excise tax on stock buybacks.
Joe Biden said the Senate Democrats sided with the US families over special interests, which are voting to decrease the cost of prescription drugs, everyday energy costs, and health insurance, while making the wealthy corporations pay their fair share to the government.