Washington, August 13 (SO News/Agency) Democrats in the US House of Representatives have approved bills related to tax policy, health care and climate change. This acceleration is due to the passage of the Inflation Reduction Act. Which is one of several versions of President Joe Biden’s failed ‘Blood Back Better Act’.
The bill was approved by a vote of 220 to 207 in the lower house on Friday. Last Sunday, an evenly divided Senate approved the bill by a vote of 51 to 50 along party lines. The deal, which was tabled by the Senate on Sunday with Vice President Kamala Harris breaking the agreement, has now been sent to President Biden for signature.
Democrats are eager to advance their domestic policy ambitions ahead of the midterm elections, but Republicans strongly oppose the bill. Republicans say the tax hike will hurt American businesses, workers and the economy.
House Minority Leader Kevin McCarthy blamed the Biden administration’s policies for the worst inflation in four decades, saying, “You can’t raise taxes and talk your way out of an inflationary crisis.”
The bill includes nearly $400 billion in investments to combat climate change, measures to make medicine more affordable and a 15 percent minimum tax on most corporations that make more than a billion a year. According to Democrats, more than $300 billion in revenue could be raised by implementing new taxes.