The new measure has inflation-fighting strategies aimed at health care, climate change and deficit reduction.
What started as a $4 trillion effort during President Joe Biden's first months in office to rebuild America's public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change and deficit reduction strategies that appears headed toward quick votes in Congress.
Those new revenues would be put back into lower costs for seniors on medications, including a $2,000 out-of-pocket cap for older adults buying prescriptions from pharmacies. It's broken down to include $60 billion for a clean energy manufacturing tax credit and $30 billion for a production tax credit for wind and solar, seen as ways to boost and support the industries that can help curb the country's dependence on fossil fuels.
It's a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all. The bill sticks with Biden's original pledge not to raise taxes on families or businesses making less than $400,000 a year. The nation has seen deficits rise and fall in recent years. But overall federal budgeting is on an unsustainable path, according to the Congressional Budget Office, which put out a new report this week on long-term projections.This latest package after 18 months of start-stop negotiations leaves behind many of Biden's more ambitious goals.
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