Sen. Joe Manchin and Senate Majority Leader Chuck Schumer reached a surprise agreement on a measure encompassing energy, health, and tax policy on Wednesday, potentially advancing their party’s stalled agenda before the November midterm elections.
According to a joint statement from Manchin (D-W.Va.) and Schumer, the agreement, dubbed “The Inflation Reduction Act of 2022,” will “combat inflation, invest in American energy generation and manufacturing, and reduce carbon emissions by almost 40% by 2030.” The Democrats predicted that the package, which would cut the deficit by $300 billion, would be introduced to the Senate floor the next week.
The following is a summary of the agreement, along with projections from the Congressional Budget Office and the Joint Committee on Taxation:
$739 billion was raised in total.
the $313 billion A corporate minimum tax of 15% will be implemented as part of the law in order to increase revenues.
$288 trillion Reforming prescription medication pricing is mandated by the agreement, enabling Medicare to bargain for lower drug prices. According to the agreement summary, out-of-pocket expenses will be limited at $2,000 in total.
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