US Senate Preps for Landmark Climate Legislation
Congressional Democrats appear to be on the cusp of passing legislation that would dedicate $369 billion to combat climate change through a combination of grants, tax cuts, subsidies and other measures aimed at reducing carbon emissions. In addition to its climate-related elements, the Inflation Reduction Act of 2022 (IRA) makes it possible for Medicare, the government-sponsored health insurance program for older Americans, to negotiate certain drug prices with the pharmaceuticals industry, a move expected to lower drug costs for all Americans. It also creates a minimum tax on large corporations, raises taxes on the wealthiest Americans, and will reduce themore
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