Speed Reads

finally!

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.

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.