Senate expected to pass Democrat tax and climate bill
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.
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.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Senate Majority Leader Chuck Schumer called the legislation "a major win for the American people." Sen. Marco Rubio (R-Fla.) tweeted that Democrats were "out of touch" and that they should prioritize "high prices, crime, and an open border" over "electric cars, solar panels," and new IRS agents.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
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.
-
Why are home insurance prices going up?
Today's Big Question Climate-driven weather events are raising insurers' costs
By Joel Mathis, The Week US Published
-
'All too often, we get caught up in tunnel vision'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
2024: the year of legacy media failures
In the Spotlight From election criticism to continued layoffs, the media has had it rough in 2024
By Justin Klawans, The Week US Published
-
Top Russian general killed in Moscow blast
Speed Read A remote-triggered bomb killed Lt. Gen. Igor Kirillov, the head of Russia's Nuclear, Biological and Chemical Defense
By Peter Weber, The Week US Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
NATO chief urges Europe to arm against Russia
Speed Read Mark Rutte said Putin wants to 'wipe Ukraine off the map' and might come for other parts of Europe next
By Peter Weber, The Week US Published
-
New Syria government takes charge, urging 'stability'
Speed Read The rebel forces that ousted Syrian leader Bashar al-Assad announced an interim government
By Peter Weber, The Week US Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published
-
South Korea roiled by short-lived martial law
Speed Read President Yoon Suk Yeol's imposition of martial law was a 'clear violation of the constitution,' said the opposition parties who have moved to impeach him
By Rafi Schwartz, The Week US Published
-
Syrian rebels seize Aleppo in surprise offensive
Speed Read The rebels made gains against President Bashar al-Assad’s forces and reignited Syria's 13-year-old civil war
By Peter Weber, The Week US Published