The House of Representatives passed on Friday Democrats’ $740 billion tax billNow up for President Biden’s signature is the Health Care and Climate Act.
Why is it important? The passage of the bill marks a major legislative victory for Democrats with intermediate translators And it delivers on many of the old liberal policy goals.
news drive; All Republicans voted against the bill 220-207.
The details are: So far, the largest spending provision in the bill is close to 370 billion dollars Fighting climate changeincluding tax credits and funding for renewable energy; Electric vehicles and energy-efficient home improvements, as well as incentives for companies to cut methane emissions. as well as –
- A reformed Affordable Care Act would extend subsidies.
- Medicare allows for price negotiation of certain prescription drugs and requires drug companies to pay discounts for price increases faster than inflation.
- It imposes a 15% minimum tax on corporations with annual profits of $1 billion or more and a 1% fee on stock buybacks.
- He invested $80 billion in the Internal Revenue Service to crack down on tax evasion by the wealthy and corporations.
What they say: “This landmark [legislation] “What we’re sending to the president’s desk is a huge victory for American families, starting at their kitchen table,” House Speaker Nancy Pelosi (D-Calif.) said in a floor speech.
Swing-woman Democrats told Axios the bill would boost them on the campaign trail.
- Rep. Elisa Slokin (D-Mich.) said she had received nearly 1,000 calls in the past few days urging her to vote yes on those provisions, saying, “The prescription drug parts in particular are really going to have an impact.” It’s high for us.”
- But, Slotkin added, the bill doesn’t sell itself: “We live in a world where we have to explain, if you don’t send a message, someone else will do it on your behalf.”
- Democratic Congressional Campaign Committee Chairman Shane Patrick Maloney (DNA) told Axios that “results drive results… This is a shot in the arm for Democrats everywhere.”
On the other side: House Minority Leader Kevin McCarthy (R-Calif.) called the bill “the most tone-deaf piece of legislation I’ve seen in 232 years in this chamber” in a floor speech.
- They’re choosing to spend the session spending half a trillion dollars more of your money, raising taxes on the middle class, and handing out handouts to their liberal allies.
Background: The bill It was released last month As a compromise between Senate Majority Leader Chuck Schumer and Sen. Joe Manchin (DW.Va.).
Yes, but: The bill is far less than many Democrats expected when Biden took office last January.
- Last year, Democrats voted for A 3.5 trillion dollar package It includes paid family and medical leave, universal pre-K, tuition-free community college and an extension of the child tax credit.
- That was the idea. It was rejected by you In December.