President Joe Biden arrived at the White House promising to “build back” America, and legislation he’s signing delivers a slimmer, though not insignificant, version of that once sweeping idea. — The Associated Press
Also in the legislation is a $2,000 cap on out-of-pocket prescription drug costs for Medicare recipients as well as a new 15% corporate minimum tax to ensure big businesses pay their share.All told, the Democrats’ “Inflation Reduction Act” may not do much to immediately tame inflationary price hikes. But the package, an election year turnaround after loftier versions collapsed, will touch countless American lives and secure longtime party goals.
The result is expected to lower costs for older adults on medications, including a $2,000 out-of-pocket cap for older adults buying prescriptions from pharmacies. Not all electric vehicles will fully qualify for the tax credits, thanks to requirements that component parts be manufactured and assembled in the U.S. And pricier cars costing more than $55,000 and SUVs and trucks priced above $80,000 are excluded.
The bill would impose a new fee on excess methane emissions from oil and gas drilling while giving fossil fuel companies access to more leases on federal lands and waters. There will also be a new 1% excise tax imposed on stock buybacks, raising some $74 billion over the decade.
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