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How the Inflation Reduction Act might impact you — and change the U.S.

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Major changes to the Affordable Care Act. The nation’s biggest-ever climate bill. The largest tax hike on corporations in decades. And dozens of lesser-known provisions that will affect millions of Americans.

The legislation Democrats muscled through the Senate on Sunday would represent one of the most consequential pieces of economic policy in recent U.S. history — though still far smaller than the $3 trillion the Biden administration initially sought. Some of the overall figures changed in last-minute tweaks as the Senate worked through the weekend, but Democrats had not yet released an updated fiscal score for the legislation by Sunday afternoon.

The nonpartisan Committee for a Responsible Federal Budget estimates that the bill would put about $385 billion into combating climate change and bolstering U.S. energy production through changes that would encourage nearly the whole economy to cut carbon emissions. With the planet rapidly warming, Senate Majority Leader Charles E. Schumer (D-N.Y.) has said the bill would reduce carbon emissions by roughly 40 percent by 2030, close to President Biden’s goal of cutting U.S. emissions by at least 50 to 52 percent below 2005 levels by 2030. Sen. Joe Manchin III (D-W.Va.), whose vote Democrats secured in late July after months of negotiations, has also emphasized that it would spur American energy independence more broadly, including by encouraging natural gas, as the war in Ukraine has exposed domestic reliance on petrostates’ fossil fuel production.

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https://www.washingtonpost.com/wp-apps/imrs.php?src=https://arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/4JFLOEYGMNDQNJCHXZPAWT6ZTA.jpg&w=916(Emily Wright/The Washington Post)

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Click the link below for the article:

https://www.washingtonpost.com/us-policy/2022/07/28/manchin-schumer-climate-deal/

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2 Comments (+add yours?)

  1. US
    Aug 09, 2022 @ 20:01:43

    Bravo 👏👏👏👍💐

    Like

    Reply

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