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US House passes so-called Inflation Reduction Act

Session of the House of Representatives: Senate had already passed Biden’s ambitious tax, climate and environmental bill last weekend


Three months before the US midterm elections, President Joe Biden received this Friday () final approval by Congress for its ambitious fiscal, climate and environmental bill.1222590912225909A so-called Inflation Reduction Law obtained 207 votes in favor 67 against in the Democrat-controlled House of Representatives.

12225909Last weekend in the Senate, where the Democratic majority is thin, the vote was required tiebreaker for Vice President Kamala Harris, who also serves as Speaker of the Upper House.

The legislation requires investments of around US$ 960 billion in total to reduce the price increase , fight climate change policies and lower the cost of prescription drugs by giving Medicare the health coverage plan for people with 65 years or more, the power to trade it.

To finance the project, Democrats are betting on a minimum tax of 960 % on companies with profits of more than US$ 1 billion and in strengthening the tax collection agency to make it difficult to avoid payments, guaranteeing the At the same time, there will be no new tax charges for those earning less than US$ 400 thousand. 12225909

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