The largest investment in the fight against climate change in American history: after a year of negotiations Joe Biden and the Democrats win and the Senate approves – with the decisive vote of Vice President Kamala Harris – the 740 billion dollar maxi plan on climate, taxes and health. The Inflation Reduction Act was passed with 51 votes in favor and 50 against, and now goes to the House where it should be passed without problems.
Although significantly less than the $ 3.5 trillion initially proposed by Biden, the measure is a victory for the Democrats three months before the mid-term elections in November. And a victory for Biden, which thus crowns a week of successes, from the raid that killed the head of Al Qaeda to the recovery from Covid. At the end of 18 days in solitary confinement, in fact, Biden is negative and can resume his normal public commitments, including travel.
After collecting the decisive votes of Senators Joe Manchin and Kyrsten Sinema, the Democrats in the Senate introduced the Inflation Reduction Act in the courtroom and managed, thanks to Harris’s vote, to start the debate on the provision.
Low tax on super profits
At the end of a marathon that lasted the whole night between Saturday and Sunday, the definitive go-ahead for the historic measure has arrived, which includes an allocation of about 370 billion dollars to combat climate change and another shower of funds to reduce the cost of medicines. The planned expenses will be financed with a minimum tax of 15% on companies that make annual profits exceeding a billion dollars, a tax of 1% on companies that buy back their own shares and with a strengthening of the Internal Revenue Service, the agency of American revenue.
The measure “will help every citizen of this country and make America a better place,” said Senate Majority Leader Democrat Chuck Schumer. Compact Republicans have rejected the initiative, labeling it deleterious to Americans because they believe it puts the economy at risk, already on the brink of recession.