U.S. bill with revamped EV tax credit passes Senate, heads to House

The U.S. Senate passed a landmark tax, climate and health-care bill, speeding a slimmed-down version of President Joe Biden’s domestic agenda on a path to becoming law after a year of Democratic infighting that the White House was unable to control.

“I am confident the Inflation Reduction Act will be one of the defining feats of the 21st century,” Majority Leader Chuck Schumer said before the vote. The legislation also aims to prevent large corporations from exploiting tax breaks to pay little if any tax, and it would allow Medicare to negotiate drug prices for the first time. It’s forecast to make the first substantial cut to budget deficits in more than 10 years. “It required many compromises. Doing important things almost always does,” Biden said in a statement hailing the vote.

The Senate vote was the culmination of a year and half of intraparty squabbling among Democrats about the scope of the bill, which Biden had once hoped would be so sweeping as to rival Franklin Delano Roosevelt’s New Deal. In the end it came down to two holdout moderate Democrats, Senators Joe Manchin and Kyrsten Sinema, whose votes were essential in the 50-50 Senate and who balked at both larger tax increases and more spending.

• Government revenue will be raised from the establishment of a 15-per-cent corporate minimum tax on large firms, a one-per-cent excise tax on the value of stock buybacks and an $80 billion boost to the Internal Revenue Service for enforcement. The taxes increases are noteworthy for who isn’t affected. Democrats and Biden ran on reversing former President Donald Trump’s 2017 tax cuts, including the corporate rate, which remain untouched. High-earners, including millionaires and billionaires, won’t face higher taxes, either.

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U.S. Senate passes major $430B bill to fight climate change, cut drug costsThe U.S. Senate on Sunday passed a sweeping $430 billion bill intended to fight climate change, lower drug prices and raise some corporate taxes, a major victory for President Joe Biden that Democrats hope will aid their chances of keeping control of Congress in this year's elections. And build oil infrastructure. You forgot that part. Because nothing reduces inflation like more record level government spending🤦‍♂️ Typical WEF piece of 💩 .
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