Vice President Kamala Harris Casts The Tiebreaking Vote

The Inflation Reduction Act, an economic package designed to combat

Vice President Kamala Harris. Official White House Photo by Lawrence Jackson

climate change, lower health costs, and raise taxes on large corporations, was passed through reconciliation today. Votes were split along party lines, with Vice President Kamala Harris casting the vote that passed the measure.

About The Inflation Reduction Act

The economic package will provide:

$369 billion to combat climate change
$64 billion to extend subsidies for the Affordable Care Act
$5 billion for drought relief
$306 billion for deficit reduction

How will the Inflation Reduction Act be paid for?

Funds raised will include:

$313 through a 15% minimum corporate tax on companies with $1 billion of annual financial statement income
$288 billion through prescription drug reform that includes Medicare to negotiate drug prices
$124 billion through increased tax enforcement
$73 billion from a 1% excise tax on stock buybacks

An amendment to lower insulin costs to $35 across the board for both Medicare and private insurance recipients was voted down by Republicans.

Heading To The House

The bill will head to Congress on Friday where it is expected to pass the House, upon which it will be signed into law by President Joe Biden.