Via Up North News:
The package lowers healthcare costs, incentivizes companies to adopt renewable energies and produce clean energy products; provides consumer rebates for those products, and delivers tens of billions of dollars of direct investments to American communities—funded by taxes on billion-dollar corporations.
Gas prices are down, jobs growth is up, and the Democratic-led government is on the verge of passing a once-in-a-generation bill to lower healthcare costs, fight climate change, and increase taxes on big corporations.
On Sunday, all 50 Senate Democrats—including Wisconsin Sen. Tammy Baldwin—voted to pass the Inflation Reduction Act of 2022, an impactful bill with a wide array of support from economists, climate experts, healthcare activists, and more.
“This historic legislation makes crucial investments in energy, health care, and in shoring up the nation’s tax system. These investments will fight inflation and lower costs for American families,” a group of 126 leading economists wrote in a letter to congressional leadership.
In fact, an independent analysis from Moody’s Analytics found that the bill would reduce inflation over the long run. “As named, the Inflation Reduction Act will lean against inflation over the next decade,” said Mark Zandi, chief economist at Moody’s.
Every single Senate Republican—including Wisconsin Sen. Ron Johnson—voted against the bill, but because Democrats used a Senate procedure called budget reconciliation to pass the bill, it only required 50 votes plus Vice President Kamala Harris’ tie-breaker. The House of Representatives is expected to vote later this week. If approved, as expected, it would then go to President Joe Biden’s desk for his signature.
Read more to learn what the Inflation Reduction Act would mean for Wisconsin families: