Democrats assure Biden a historic victory over climate, health and tax legislation

This is a victory that could be crucial for the president, whose popularity rates have hit rock bottom, but could mark his ability to move the law forward even with a legislature. Precarious control of Congress. And it could also be important to Democrats. November legislative electionsHis control over the rooms is in jeopardy.

Period

proposal Inflation Reduction Act, A much less ambitious rule of thumb than the three trillion dollar Build Back Better package that Biden originally proposed for his social revolution, Green light in the Senate on Sunday. He did so days after Manchin and Cinema agreed to support the proposal after implementing some changes, and then restrictions were placed on being able to vote through the so-called consensus process that allowed norms to be approved by simple majority. always that provisions only affect federal budget matters.

The long-awaited 51-50 was reached with the final vote of vice president Kamala Harris. marathon session Discuss and vote on changes that last all night on Saturday. And Friday to be voted on House of Representatives, place of democratic control The rule will almost certainly be approved.

It will only be then that Biden, who issued a celebratory statement on Sunday, stamps his signature. “I promised to run for president” government works for working families again And that’s what this law does. period,” he said.

Climate, health and taxes

raises the offer will mobilize approximately $430,000 million over the next decade. Prior to the weekend’s changes to the text, it was calculated that it would potentially generate revenue of around 740,000 million. 300,000 million reductions in the deficit.

contains an iunprecedented investment more than 370,000 million climate change. Most (260,000 million) go to tax subsidies that promote clean energy. And it was calculated that everything would help the United States. Reducing emissions by 40% by 2030 Compared to the 2005 indexes, it brought Biden closer to the 50% to 52% reduction promise the Supreme Court had recently distanced from him.

The bill also includes: most important changes in the public health system Ever since Barack Obama’s healthcare reform was approved. Medicare, the system for people over the age of 65, for the first time in history, directly negotiating the price of drugs (though it will start modestly for just 10 drugs). Older ones, in addition, will see built-in $2,000 most boundary they may have to pay out of his own pocket for medicines. Also for three years extend subsidies So low- and middle-income people can be insured through Obamacare.

this financial measureThe most important of these is a 15% minimum corporate tax is over a billion benefits Companies in the hands of venture capital firms are excluded, although Cinema uses annual dollars and financial maneuvers to gain votes to escape federal rates. It is also a 1% share repurchase tax and Strengthens treasury investments so you can be more strict.

critics

To give the bill the green light despite the title It is not expected to have an immediate effect on inflation, Democrats, especially given that it will take years for some provisions to begin to take effect, Leave Ambitious measures originally proposed by Biden universalization of nurseriesestablishment Paid maternity leave or the repeal of tax cuts endorsed by Donald Trump. so the sounds progressives as Bernie Sander they have questioned and criticized bill (although the Vermont senator who called it “one” A very modest step forward”ended in favour).

Republicans attacked the rule as follows:partisanReminding that Biden “does not collect taxes from those who earn less than $400,000”, Biden stated that they guarantee that this will not contribute to reducing inflation and will increase taxes on ordinary citizens. a year, not a penny”.