BREAKING! Moments ago, President Biden signed the historic Inflation Reduction Act which makes huge climate investments and brings down the costs of prescription prices and health care. It's paid for by closing loopholes so that billionaire corporations finally pay their minimum share of income tax.
With this, Democrats have maxed out what is possible in a Senate controlled by Joe Manchin. To go further in 2023 and 2024 we must elect at least two more Democratic Senators -- starting with Mandela Barnes in Wisconsin and John Fetterman in Pennsylvania. We also must protect and expand our House majority.
The New York Times reports that the law Biden signed today will:
"...pour more than $370 billion into climate and energy programs aimed at helping the United States cut greenhouse gas emissions by an estimated 40 percent below 2005 levels by the end of the decade. It would also extend for three years expanded subsidies under the Affordable Care Act, as well as fulfill a long-held Democratic goal to lower the cost of prescription drugs by allowing Medicare to directly negotiate prices and capping the annual out-of-pocket cost for recipients at $2,000.
"The package would be financed largely by tax increases, including a new tax on company stock buybacks and a 15 percent corporate minimum tax for wealthy companies. Initial analyses of the legislation found that it could reduce the nation’s deficit by as much as $300 billion over a decade."
Going forward from here, Democrats now have a historic opportunity in November to change history for the better -- and in ways that Joe Manchin has already shown he will block if he can, no matter what the cost to the country.
With expanded majorities in Congress, we can protect abortion rights nationwide, invest in even more domestic clean energy and fighting climate change, put a stop to racist voter suppression and save our democracy, lower more prescription drug prices, expand healthcare access further, pass meaningful gun control legislation, fight for better wages and conditions for workers, reinstate the child tax credit -- and so much more.
But this will only happen if thousands of us do our part to MAKE IT HAPPEN.
Thanks for being a bold progressive.
-- The PCCC Team (@BoldProgressive)
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