Senator Joe Manchin of West Virginia has announced he and Senator Chuck Schumer have reached a deal on draft language for the Inflation Reduction Act. I have linked to some of the summaries in the diary so you can read the details. Some of the key takeaways include:
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Enacts historic deficit reduction to fight inflation
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Lowers energy costs, increases cleaner production, and reduces carbon emissions by
roughly 40 percent by 2030
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Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000
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Lowers ACA health care premiums for millions of Americans
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Make biggest corporations and ultra-wealthy pay their fair share
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There are no new taxes on families making $400,000 or less and no new taxes on small
businesses – we are closing tax loopholes and enforcing the tax code.
The Inflation Reduction Act has multiple sections on energy security and climate change ($369 billion):
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Lowers energy costs for Americans through policies that will lower prices at the pump and on electricity bills, help consumers afford technologies that will lower emissions and energy prices, and reduce costs that would otherwise be passed on to them.
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Increases American energy security through policies to support energy reliability and cleaner production coupled with historic investments in American clean energy manufacturing to lessen our reliance on China, ensuring that the transition to a clean economy creates millions of American manufacturing jobs, and is powered by American-made clean technologies.
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Invests in decarbonizing all sectors of the economy through targeted federal support of innovative climate solutions.
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Focuses investments into disadvantaged communities to ensure that communities that are too-often left behind will share in the benefits of the transition to a clean economy.
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Supports resilient rural communities by investing in farmers and forestland owners to be part of growing climate solutions, and by ensuring rural and communities are able to better adapt to a rapidly changing climate.