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On July 27th, 2022, Senator Joe Manchin announced that he has reached an agreement with Senate Majority Leader, Chuck Schumer (D-NY) to vote on an act that is known as the "Inflation Reduction Act of 2022."
The act addresses numerous policies, including perscription drug costs, corporate taxes, climate change, health care and inflation. After many months of negotiations, the Democrats finally have an act that will invest in deficit reduction, energy security and climate change programs.
The plan is to pay for it by closing tax loopholes on wealthy individuals and corporations.
The act would also continue expansions of the Affordable Care Act and allow medicare to pursue lower drug costs by negotiating with drug companies. Democrats say the plan avoids any new taxes on families making $400,000 or less and does not include any new taxes on small businesses.
For more information, check out the links we post below.
Read the Bill Here PDF (Senate Democrats)
Press Release (Joe Manchin's Website, 7-27-22)
One Page Summary of Act (Senate Democrats PDF)
"Inflation Reduction Act" (Executive Session); Congressional Record Vol. 168, No. 126 (Congress.gov, 7-28-22)
How the Schumer-Manchin climate bill might impact you and change the U.S. (Washington Post, 7-28-22)
How Democrats plan to overhaul taxes, climate spending, and health care before the midterms (Vox, 7-28-22)
After spiking earlier talks, Manchin agrees to a new deal on climate and taxes (NPR, 7-27-22)