The Inflation Reduction Act of 2022, commonly known as the Schumer-Manchin Bill, passed the Senate on Sunday, with Vice President Kamala Harris casting the tie-breaking vote. The bill lowers some prescription drug prices, imposes a 15% minimum tax on large corporations, invests more than $300 billion into clean energy, and adds a 1% excise tax on stock buybacks.
The bill also increases funding for the Internal Revenue Service (IRS), extends subsidies for the Affordable Care Act (“Obamacare”) through the 2024 election, and contains $40 billion in funding that could be added to the baseline for the next Farm Bill, among many other provisions. Read more at this link.