Action is likely in the U.S. Senate this weekend, on a measure to bring down inflation.
Wisconsin Democrat Tammy Baldwin says the Inflation Reduction Act will help push down prices on drugs and food, and enforce corporate tax laws
“This bill is entirely paid for, not only is it entirely paid for, but the extra revenue created by lowering the price of prescription drugs means you know that there’ll be huge savings and in Medicare.”
“There’s so much revenue generated by these policies that we’re going to pay down our deficit. And that is something we need to do, but it’s long overdue,” says Baldwin. A major portion of the bill increases enforcement at the IRS and institutes a base minimum tax rate for companies.
“The corporate minimum tax addresses the fact that a lot of corporations don’t do their fair share.”
The bill will also allow Medicare to negotiate drug prices, which will help create savings for the government and help extend health care. Majority Leader Chuck Schumer said voting will begin on Saturday.