US Congress Approves $430 Billion for Climate Change and Inflation Reduction
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The U.S. House of Representatives passed the Climate, Tax and Healthcare Bill on Friday. transmits CNBC. The implementation of the measures listed in the document will require an outlay of $430 billion; the bill, after approval by Congress, will be signed by President Joe Biden.
The document called the “Inflation Reduction Act” was supported by all Democrats, while representatives of the US Republican Party voted against.
It is noted that the plan includes a record $369 billion in spending on climate and energy policy, which by 2030 should reduce the country’s carbon emissions by 40%. In addition, the bill introduces an alternative minimum corporate tax of 15%. It will affect “wealthy corporations that have been able to cut their tax burden well below the 21% rate.” Expanding tax oversight and compliance capabilities will bring in $124 billion, according to Congress.
A massive bill aimed at combating climate change, lowering drug prices and raising some corporate taxes passed the US Senate last week. It was a major victory for Biden that Reuters noted would boost Democrats’ chances of retaining control of Congress in this year’s elections.
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