Senate expected to pass Democrat tax and climate bill

(Image credit: Photo by Kevin Dietsch/Getty Images)

published 7 August 2022

The Senate voted 51-50 late Saturday to move forward with a tax and climate bill that includes several elements of President Biden's original Build Back Better agenda.

The final vote on the legislation is likely to take place Sunday, with Vice President Kamala Harris expected to cast the tie-breaking vote in her party's favor. The House is expected to approve the bill by the end of the week.

The Inflation Reduction Act of 2022 aims to increase revenue by over $700 billion. According to The Wall Street Journal, most of these funds will come from "a 15% minimum tax on large, profitable corporations and money generated by enhancing tax-collection efforts at the Internal Revenue Service." Around $430 billion of that new revenue will go to green energy subsidies and to extending a pandemic-era expansion of the Affordable Care Act. The rest will be used to reduce the deficit.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Explore More

Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-Gazette, Modern Age, The American Conservative, The Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.

Subscribe to The Week

Sign up for The Week's Free Newsletters

Sign up for Today's Best Articles in your inbox