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US President Joe Biden and the Democrats have made it and the US Senate approves the 740 billion dollar plan on climate, taxes and health with the decisive vote of Vice President Kamala Harris. The Inflation Reduction Act was passed with 51 votes in favor and 50 against, and now goes to the House where it should have no 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. President Joe Biden explained: "The plan reduces deficits and costs for families.
And makes the largest investment in history in fighting the existential crisis of climate change." The Republicans party criticized the initiative as harmful to Americans because they think it would put the economy at risk, already on the brink of recession.
The effect of the new taxes on companies will negatively impact job creation and drive prices up further. The expected expenses will be financed with a minimum tax of 15% on companies that make annual profits exceeding a billion dollars, a 1% tax on companies that buy back their own shares and with a strengthening of the Internal Revenue Service, the agency of American revenue.
USA: Senate votes yes to climate plan
Then comes the definitive go-ahead for the historic measure that includes an allocation of about 370 billion dollars to fight climate change and other funds to reduce the cost of medicines.
The expected expenses will be financed with a minimum tax of 15% on companies that make annual profits exceeding a billion dollars, a 1% tax on companies that buy back their own shares and with a strengthening of the Internal Revenue Service, the agency of American revenue.
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.
Senate Majority Leader Democrat Chuck Schumer said, "The measure will help every citizen of this country and make America a better place."
