Скачать или смотреть The Senate’s Sweeping $740 BILLION Climate, Tax, & Healthcare Bill Explained

Subscribe For Daily PDS News Clips: https://www.youtube.com/c/roguerocket...
Thanks to our sponsor Coinbase. Go to http://coinbasedefranco.com to sign up and get $10 in free Bitcoin!
Watch The Full DeFranco News Show: https://www.youtube.com/defranco?sub_...


Specifically, Senate Democrats passed a sweeping $740 billion climate, healthcare, and tax bill — finally giving president Biden a key part of his economic agenda. Democrats were able to pass the bill despite united Republican opposition through the process known as reconciliation, which allows the Senate to pass budget measures with a simple majority and skirt around the 60-vote filibuster. With Vice President Harris making the tie-breaking vote, which was only made possible after Majority Leader Chuck Schumer FINALLY reached an agreement with Sen. Joe Manchin — Who had pretty much single-handedly held up the party’s agenda for months. And very significantly, this bill, dubbed the Inflation Reduction Act of 2022, would authorize the largest federal investment for efforts to combat climate change in American history. By allocating more than $370 billion into climate and energy programs, officials say the legislation could cut U.S. greenhouse gas emissions about 40% below 2005 levels by the end of the decade — just short of Biden’s initial 50% goal. Among other measures, the package achieve this by: Allocating $30 billion to the production of solar panels, wind turbines, batteries and other critical minerals processing. Providing $10 billion to build facilities that manufacture products like electric cars and solar panels. Setting aside $500 million for heat pumps and additional critical minerals processing through the Defense Production Act. Giving $60 billion to assist disadvantaged areas that are disproportionately impacted by climate change. Incentivizing consumers to invest in renewable energy including through tax breaks on both new and used electric vehicles. And imposing a new fee on oil and gas companies for excessive methane emissions. In addition to the climate change portions of the bill, there are also a number of other incredibly significant provisions that cover other major Democratic goals, particularly on healthcare. This including by allowing Medicare to negotiate the price of prescription medications with drug makers for the first time ever — a move that is projected to save the federal government billions. Though, notably here, that would only apply to 10 drugs starting in 2026, but expand to include additional drugs later. The bill would also impose a $2,000 annual cap on out-of-pocket prescription drug costs for people on Medicare and ensure that seniors have access to free vaccination. Another measure would extend until 2025 Affordable Care Act subsidies included in last year’s pandemic relief package that were initially set to expire this year. And as far as how this plan will be paid for, Democrats proposed a series of reforms to boost tax revenue. The most significant of which is the creation of a 15% minimum tax for corporations that report incomes of $1 billion or more — with that predicted to bring in over $300 billion in revenue. The bill also aims to give the IRS $80 billion for stricter enforcement and compliance, a move that government officials say will provide $203 billion in revenue over a decade. It would also impose a 1% excise tax on stock buybacks, which would raise around $74 billion over the decade. So a lot of major, long-standing Democratic goals — but also important to mention are all the concessions party leaders had to make and all the things that were NOT in the package. Right, to get Manchin on board, Democrats had to seriously scale back the original plan, including by cutting incredibly important measures to provide free pre-kindergarten for all and paid family and medical leave for workers all over the country. Additionally, the party also had to grant some big concessions to Manchin, including agreeing to proposals that run counter to their climate goals. Like allowing new oil and gas leasing in the Gulf of Mexico and the Alaskan coast. As well as a commitment that the party will pursue separate measures in the future to complete a natural gas pipeline in Manchin’s state and make it easier for developers to skirt some environmental protections.
——————————
Produced by: Cory Ray
Edited by: James Girardier, Julie Goldberg, Maxwell Enright
Art Department: William Crespo
Writing/Research: Philip DeFranco, Lili Stenn
Production Team: Zack Taylor, Emma Leid
————————————
#DeFranco #Senate #Inflation