Joe Biden signs cost-cutting bill to tackle climate, health care
The legislation, signed by President Biden, aims to address climate change, lower the cost of prescription drugs and provide health care subsidies.
Anthony Jackson, America Today
President Joe Biden signed into law this week a A Democratic-led legislative package containing hundreds of billions of dollars Climate change spending and key health care and tax regulations.
The bill’s passage marks a major victory for congressional Democrats and the White House, more than a year after a limited version of the bill, dubbed the “2022 Depreciation Act.” Totaling an estimated $740 billion, it includes more than $370 billion in spending on climate initiatives over the next decade, as well as curbs and cuts in drug costs and health care insurance premiums for some Americans.
The money for the new spending is expected to come mainly from new taxes on billion-dollar corporations and stock buybacks, as well as funding the Internal Revenue Service’s crackdown on tax evasion.
From America Today: What will the Democrats’ new legislative package mean for you?
Republicans, including those elected from Missouri, strongly criticized the bill after it vetoed it in the legislative process.
Some have entered zero. The new money for the IRSOrdinary businesses and individuals have argued that they face unnecessary additional scrutiny (Democrats say the agency is overwhelmed with records and needs more staff).
U.S. Rep. Jason Smith, who represents southeast Missouri and is the top Republican on the House Budget Committee; He said. The law will not extinguish the fire of inflation in the minds of many Americans who face higher food and energy costs. They have retired US Senator Roy Blunt of Missouri. he called him. “Indifference Tax and Expenditure Accounting”.
An analysis by Penn Wharton’s Budget Project last week determined that the law would reduce the federal deficit by $264 billion over 10 years. it is. However, it is not clear what impact it will have immediately Inflation and price increases will be on the rise.
Both nationally and statewide, Democrats see the legislation as the culmination of a historic and important focus, stoking voter enthusiasm ahead of this fall’s midterm elections. On Thursday, the White House released a 730-page outline detailing how certain parts of the bill would affect Show-Me territory.
Out-of-pocket drug costs for Medicare patients: Seniors with cancer, multiple sclerosis or lung disease will see $2,000 in out-of-pocket costs for prescription drugs starting in 2025. Enhanced financial protection begins one year earlier.
About 34,000 Missourians pay more than that per year. Kaiser Family Foundation. They are about a million Missourians. Enrolled in Medicare benefits You will see the pharmacy costs according to the policy.
Extending the health care tax credit PremiumThe bill would extend tax credits included in the American Savings Plan Act that apply to health care premium costs through the Affordable Care Act’s marketplaces, which are scheduled to expire at the end of 2022.
A quarter of a million Missourians have Marketplace coverage and save $820 in tax credits each year, the White House says. For middle-income seniors, these premiums increase. About 49,000 small business owners and self-employed adults in Missouri have health care insurance through the Affordable Care Act.
Extending the expanded coverage will allow approximately 29,000 Missourians to get insurance in the marketplace without access to the bill, the White House said.
Cost of insulin for diabetics under MedicareThe monthly cost of regular insulin for diabetes patients is estimated at $35, which is due to the increase in the price of the cheap drug, according to lawmakers. 69,000 Missourians covered by Medicare used insulin in 2020, according to the White House.
Democrats tried earlier in the legislative process to expand insulin pricing to include private insurers. But in the Senate, Republicans called off some of the House rules in early August. Take that measure out of the equationWhen applying the language to Medicare patients.
Out-of-pocket vaccine costs for Medicare patientsSome vaccines covered by certain Medicare programs, including the shingles vaccine, will no longer be required to pay out-of-pocket for patients enrolled starting in 2023. About 73,000 Missourians received immunizations covered by the policy in 2020. , and the White House said “that number could increase as those vaccines become more affordable.”
Democrats’ climate, health care package: Biden signed the ‘Affordability Act’ into law
Climate and Energy – Families and Homes
Tax credits for solar and batteries: An estimated “tens of thousands of additional Missouri households” will be eligible for a tax credit covering 30 percent of the cost of installing solar panels and battery storage systems, reducing energy consumption, or upgrading heating and cooling equipment. There are no income limits on these credits.
Community solar projects run by local businesses receive a 30 percent tax credit to help local families save money on electric bills. Additional credits are available for affordable housing and projects in low-income communities.
Missouri state lawmakers also passed legislation this year. Preventing homeowners associations from banning solar panels On houses.
Electric vehiclesMany Missourians can get advance rebates on electric vehicles — $7,500 for new EVs and $4,000 for used ones. The discounts come from EV manufacturers including Ford and Tesla Vehicle prices have increased in recent months..
Discounts for energy efficient appliancesMany households qualify for rebates of 50 to 100 percent of the cost of installing new water heaters, heat pumps, dryers, furnaces and ovens. “Millions of low- and moderate-income households are eligible for the rebate,” the White House said. The law includes rebates for energy-related repairs and improvements to single-family and multi-family homes.
Flood and storm preventionThe grant program allows affordable housing projects in the state to apply for funding for transportation projects and improvements to prevent flooding, extreme heat and other stresses.
Climate in Missouri: Research projects they see 125 degree days in 2053.
Climate and energy – businesses
Clean energy worksThe legislation would bring a variety of investments in clean energy generation and storage, the White House says, including bonuses for clean energy businesses that pay more.in MissouriIt is $75,000 or more for public works.
In the year As of 2020, the state was home to nearly 51,000 clean energy jobs, primarily concentrated in the St. Louis and Kansas City regions. Information from Clean Jobs Midwest. The White House’s 2021 estimate for the state’s net job growth is more than 54,000.
Small business energy tax creditsMissouri’s 500,000-plus small businesses can receive a tax credit of up to $5 per square foot for “energy efficiency improvements that result in lower utility bills.” Other incentives include a 30 percent tax credit for low-cost solar installation costs and the purchase of “clean trucks and vans for commercial fleets.”
Tax credit for rural electric cooperativesCooperatives in Missouri that serve about 760,000 customers — commercial and residential — qualify for direct clean energy tax credits. The law would allocate money to those cooperatives to “enhance resilience, reliability and capacity” through clean energy and efficiency improvements.