On Friday, the House passed the tax and healthcare bill legislation by a party line vote. President Joe Biden will sign it.
As the bill passed the 218 vote threshold, Democratic members of the chamber cheered. Then they loudly cheered and clapped for House Speaker Nancy Pelosi when the count was announced. The final vote came in at 220-207.
Inflation Reduction Act provides $369 billion to energy and climate programs for the next decade. This includes tax credits for electric vehicle purchases and credits for solar energy home production.
The bill includes $64 billion for the extension of Affordable Care Act benefits and $4 billion for drought relief in western states. The bill also includes $300 billion to reduce the deficit.
According to, the bill would be funded by a 15% corporate minimum tax that raises an estimated $222 billion. congressional estimates. This provision was designed to catch large profit-making companies that have at least $1 million in profits. These companies, due to accounting maneuvers or write-offs, will pay a lower rate of corporate tax. Prescription drug pricing reform would bring in $265 billion more. Medicare will also be allowed to negotiate the price of prescription drugs. A 1% fee on stock purchasebacks would bring in $74 billion.
Pelosi and other Democrats trumpeted the bill’s climate provisions, marking the largest U.S. investment to address climate change, as well as other provisions that they say will reduce medical bills for working and middle class families. Pelosi addressed the members in a letter before the final vote. “are encouraged to hold events in your districts celebrating the passage of the Inflation Reduction Act, explaining what this landmark legislation means to America’s working families and pushing back against our Republican colleagues’ desperate and disingenuous falsehoods.”
After the Senate had passed the legislation on Sunday, the Senate expected the legislation to be passed.
During the debate about the legislation, Republicans focused on the rise in inflation over last year. They also hammered out a provision to improve IRS enforcement, raising an estimate $124 billion and arguing that it would make Americans more subject to audits.
“This is just a train wreck waiting to happen,”Kevin McCarthy, House Minority leader.
“In light of this week’s events, do you really trust the IRS and this administration to be fair and not abuse their power?” He was referring to the FBI search of Donald Trump’s Mar-A-Lago estate, reportedly to retrieve classified documents taken to the property after he left the White House.
He also criticised the fact that so few Democratic members showed up to vote, but instead voted proxy as allowed by House rules due to the Covid pandemic. However, many Democrats were not present at the final roll call and remained on their respective sides to wait for the final results. Although there was very little interaction between the parties at the end of the roll call, Rep. Louie Gohmert from Texas passed Rep. Mark Takano from California and gave him a friendly tap on his arm.
Flowers were placed in the chamber for Rep. Jackie Walorski, R-IN, who was killed last week in a car accident with Emma Thomson, 28, and Zachery Potts (27).