Home » Congress Passes Inflation Reduction Act To Address Climate Change, Rising Prices

Congress Passes Inflation Reduction Act To Address Climate Change, Rising Prices

by CLAYCORD.com
Published: Last Updated on 30 comments

Congress on Friday passed legislation that is being called the biggest climate investment in U.S. history and is also aimed at addressing inflation by lowering energy costs.

The Inflation Reduction Act is set to reduce carbon emissions by roughly 40 percent by 2030. The bill — deemed a scaled-back version of President Joe Biden’s previously proposed Build Back Better Bill — split the Senate in a 50-50 vote on Sunday, with Vice President Kamala Harris casting the tie-breaking vote that sent it to the House of Representatives.

The House on Friday afternoon passed the bill, with 220 Democrats voting yes and 207 Republicans voting no after hours of lengthy debates. It now awaits Biden’s signature to become law.

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The estimated $740 billion package includes a number of Democratic priorities, including addressing climate change, lowering the costs of health care and taxing corporations. About half that amount, $300 billion, will go towards federal deficit reduction.

Over the next decade, approximately $369 billion will be invested into energy security and climate change programs. To incentivize lower and middle income families to transition to use clean energy to power their homes, the bill dedicates over $60 billion to tax credits that will lower home energy costs and make wind, solar, and electric technologies more affordable.

“This is a huge win for American families and I’m proud to support it,” U.S. Sen. Dianne Feinstein, D-California, said in a statement Sunday.

“This is the most significant climate change bill the Senate has ever considered. It will promote domestic clean energy manufacturing to create jobs at home while significantly reducing greenhouse gas pollution, both of which have long been priorities for me,” Feinstein said.

House Speaker Nancy Pelosi, D-San Francisco, said, “this bill includes historic investments to combat carbon pollution and slash energy costs — delivering the resources our nation needs to expand renewable energy sources, build energy efficient homes and get more clean vehicles on the road.”

The bill includes two provisions proposed by Feinstein — one for $4 billion in drought funding and the second offering consumers tax credits for purchasing electric vehicles. However, specific metal and battery requirements for automakers and household income restrictions may hinder the efficacy of the credits.

Another notable provision of the Inflation Reduction Act is that it will enforce a 15 percent minimum tax on large corporations that earn $1 billion and over annually, which is estimated to generate about $222 billion of the bill’s total revenue.

In terms of health care, the Inflation Reduction Act designates $64 billion to extend Affordable Care Act subsidies and allows Medicare to negotiate prices on 100 prescription drugs. This will particularly benefit the costs of medication for seniors, who will be provided with free vaccinations in addition to a $2,000 cap on pharmacy prescriptions and a $35 cap on single doses of insulin prices.

Rep. Anna Eshoo, D-Palo Alto, said, “The Inflation Reduction Act is transformational legislation because the effects of this bill will be felt by my constituents in the form of lower prescription drug prices, lower health care costs, lower energy costs, and substantial action on climate change…all without raising taxes on the middle class. I’m proud that Democrats got this bold plan over the finish line to deliver these improvements for the American people.”

30 comments

Ricardoh August 13, 2022 - 1:11 PM

China is building coal energy generators so they can build things for our Green New Deal. This will do nothing but enrich the elite dems in our country. In the end nothing will improve. When will you democrats figure out your party has zero interest in you. The few that do go along to get along.

The Wizard August 13, 2022 - 1:11 PM

What about the doubling of the IRS to help pay for this…Mums the word.

Ricardoh August 13, 2022 - 1:53 PM

They are spending 80 billion dollars on the IRS and will be lucky if they get 40 billion out of the rich. After that they are coming for you with guns drawn. Never never land.

Badge1104 August 13, 2022 - 3:38 PM

Yes with 87,000 new extra IRS agents! That’s more than needed to go after the rich. Certainly Target small business and smaller people now. I also suspect they’re going to target everyone, and especially those that have a more conservative viewpoint. It was proven that the Obama administration did this to conservative and Christian organizations under his reign. So I think if I move my voter registration to Democrat I might be safe. Seriously folks we’re thinking of doing this.

badge1104 August 13, 2022 - 3:40 PM

I meant to say that they will certainly be targeting small businesses…..now

Dr Jellyfinger August 13, 2022 - 1:25 PM

Wow sounds great!… until you read what it really does.
They might as well have called it the “Were Going To Make You All Incredibly Wealthy And Live Forever Act” that lie would sound even better!

Exit 12A August 13, 2022 - 1:32 PM

.
How does raising taxes reduce inflation on food and energy?
.
Please respond only if you’re a registered Democrat:

Cautiously Informed August 13, 2022 - 1:36 PM

Taxing corporations- gee whiz, I wonder who will end up paying for that, in the long run? And, who will end up footing the bill for all the stated medical coverage changes? And lower energy costs, too! I’m sure Joe, Comala, and all the rest of Democrat shysters have a solid plan for that; just look at how well they’ve handled the nations energy needs, lately.
But not to worry. Joe can always just print up and hand out another one trillion dollars of funny money if the bill doesn’t work out.

this_that August 13, 2022 - 2:57 PM

I would say get yourself prepared.

Spending boondoggles like this will end badly.

James August 13, 2022 - 3:30 PM

Their entire plan is to audit,raid,then sieze assets.
This costs $80 billion,and their “plan” would pay back only half,but we all know ,prices wont go down,it wont help anyone,but follow the money.
Dems are all warm and fuzzy over more deception from their own “people”.
Kids,you’ve been lied to again,but we will let you find out the hatd way.You guys are the ones that are already broke.Continue letting this ruin your lives,cause it’s all free right now.
Till they pull the rug out and you beg the Biden’s for help.,as he grins with deaf ears and turns away.His signature move..
Not 1 working class American will benefit from this 1 iota.

T-rex August 13, 2022 - 3:54 PM

At what point will they finally ask us what we want. 🙁

The Fearless Spectator August 13, 2022 - 4:59 PM

The wants and needs of citizens are clearly of no interest.
They know nobody in their right mind would vote for this.

Look for citizens to stop bothering with wants and focus on their needs because everything will continue to get more expensive and taxes will go up. Therefore, the recession will be further protracted.

Martinezmike August 13, 2022 - 6:24 PM

They dont ask. They tell. OBEY

Cellophane August 13, 2022 - 6:45 PM

America will never again be the light of freedom.

Thank you, average CA voters.

Or should that be stupid communist voters?

SACCATINO August 13, 2022 - 7:18 PM

BOHICA!

(BEND OVER! HERE IT COMES AGAIN!)

ClayDen August 13, 2022 - 9:31 PM

To put $80B in perspective, the FY-2022 NASA budget is ~$24B and we get a lot more from that $24B than we would get from an extra $80B for the IRS. We could double the NASA budget and not spend the remaining $56B, thus saving that amount and IRS “overreach” and it would increase the scientific discovery (and unintended benefits) from NASA.

Bob August 13, 2022 - 10:14 PM

Welcome to the USSA.

Congrats Dem voters, you own every day of what’s to come……

The Fearless Spectator August 14, 2022 - 8:50 AM

Well said.

The arrogance and contempt are astounding.

It’s as if you assembled all the people the other kids wouldn’t play with back in school, and put them in one administration. And now, they want their revenge.

S August 14, 2022 - 8:13 AM

isn’t this the one that quietly increases the fed gas and utility taxes; stickin it to us common folks again…. ???

Dr. Jellyfinger August 14, 2022 - 8:23 AM

“government of the people, by the people, for the people, shall not perish from the earth”

Sorry Abe ! That government perished in the dark of night and we let it happen.

Captain Bebops August 14, 2022 - 9:04 AM

There are climate scientists and climate scientists. The energy companies bet their chips on the wacky ones who predict “global warming” so they can turn you all into willing consumers so they have more money than God. Then there are the real climate scientists who will tell you that warming has been decreasing and we are actually in for a mini ice age. Those are denounced by the first party. Take your pick: slave or free.

ClayDen August 14, 2022 - 2:01 PM

Science is not about consensus, it’s about being correct. There was a consensus that the earth was flat and the sun revolved around the earth at one point.

Captain Bebops August 14, 2022 - 2:32 PM

Yes, and guess who pays for the climate research? Probably not who you think but the Pentagon. They want to know where to put military bases. They sponsored a project released around 2003 that showed we would be in for global cooling not global warming. Everything else is just politics.

Superstitious Aloysius August 14, 2022 - 12:14 PM

Since, being the average American voter, I’m not very smart, can someone answer two questions for me? 1) How does spending $300 billion that we don’t have reduce the deficit? and 2) How does three-quarters of a TRILLION dollars in government spending reduce inflation?

HappyPappy August 14, 2022 - 12:23 PM

Hmmmmm…….not a single comment in support of this govt BOONDOGGLE?
Could it be that the lunatic liberals are finally seeing the truth? Isn’t there at least one freeloader who thinks this is great?

Captain Bebops August 14, 2022 - 2:34 PM

Yup, the guvmint is spending the country into oblivion. Had to happen sometime I guess. Be ready to pick up the pieces.

Worried August 14, 2022 - 6:51 PM

I’m just curious how much money do we need to get politicians before they can actually change the climate. I find it very interesting that every politician is a climatologist a virologist a doctor and an immunologist and an environmentalist they have completely weakened this country I would never vote Democrat again for the rest of my life I believe they are a true threat to this country and this bill proves it

Kauai Mike August 15, 2022 - 6:53 AM

all government is theft.

DB August 15, 2022 - 9:35 AM

Climate change is the biggest scam, even bigger than COVID. How arrogant does one have to be to think that humans can change the natural climate that God created? Every tax, program, fee, etc. labeled “climate change” is a euphemism for “hand over your money, we don’t have to prove it will do anything but line our pockets.”

The Fearless Spectator August 15, 2022 - 6:17 PM

Climate change and Covid are one in the same: A trend measured during a certain period of time that may or may not perpetuate. In both cases, politically exploited for maximum effect. With the goal of financially enriching a narrow group.

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