The estimated $740 billion Inflation Reduction Act passed Sunday by the Senate and heading to the House includes a historic investment in the fight against climate change. Here's what else is in the bill:
Called the “Inflation Reduction Act of 2022,” it's not at all clear the 755-page bill will substantially ease inflationary pressures, though millions of Americans are expected to see some relief in health care and other costs.
Seniors would also have insulin prices capped at $35 a dose. A provision to extend that price cap on insulin to Americans with private health insurances was out of line with Senate budget rules and Republicans stripped it from the final bill.COVID-19 pandemicUnder earlier pandemic relief, the extra help was set to expire this year. But the bill would allow the assistance to keep going for three more years, lowering insurance premiums for people who are purchasing their own health care policies.
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 more than $258 billion over the decade.
Keeping the tax break for the wealthy deprives the party of $14 billion in revenue they were counting on to help pay for the package.
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