1/ The Senate passed the largest investment in U.S. history to counter climate change, putting the nation on a path to reduce greenhouse gas emissions by up to 40% below their 2005 levels by 2030. The Inflation Reduction Act would also lower health-care costs, reduce the federal deficit, and be paid for through new taxes – including a 15% minimum tax on large corporations and a 1% tax on stock buybacks – and funding to boost IRS tax law enforcement. “After more than a year of hard work, the Senate is making history,” Chuck Schumer said shortly before final passage. “This bill will kickstart the era of affordable clean energy in America, it’s a game changer, it’s a turning point and it’s been a long time coming.” Senate Democrats passed the $740 billion packaged on a 51-50 vote – with all Republicans voting no – after Harris cast the tie-breaking vote. Republican lawmakers, however, successfully stripped a $35 price cap on the cost of insulin for private insurers from the package. More than 1 in 5 insulin users on private medical insurance pay more than $35 per month for the medicine. The bill now heads to the House, which is expected to pass it later this week, and send it to Biden for his signature. (New York Times / Washington Post / Politico / NBC News / CNN / Wall Street Journal / USA Today / Reuters / Associated Press / NPR)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2022/08/08/day-566/