Controversial inflation bill passes Senate after tie-breaking vote by vice president

The Daily Wire has reported that Vice President Kamala Harris made sure a controversial bill passed the Senate this weekend. 

Harris cast the tie-breaking vote following a marathon session that started late on Saturday evening and finally wrapped up at 3:00 p.m. on Sunday afternoon.

Bill raises taxes while promoting electric vehicles and affecting prescription drug prices

At issue was the so-called “Inflation Reduction Act,” a $740 billion piece of legislation that includes tax credits to promote the purchase of electric vehicles.

CNN noted that the bill also empowers the Health and Human Services secretary to negotiate over the cost of 10 drugs for senior citizens on Medicare beginning in 2026. That number is set to grow to 15 drugs in 2027 and 20 drugs from 2029 onwards.

Meanwhile, the legislation seeks to raise $258 billion worth of new revenue via a 15% minimum tax on companies making more than $1 billion in profits as well as a 1% excise tax on stock buybacks.

Bloomberg Law reported that it also contains $80 billion for the IRS, something which will allow the tax agency to hire 87,000 additional employees.

Poll shows widespread skepticism that bill will actually help to lower inflation

The bill has been harshly criticized by Republicans, with Kansas Sen. Robert Marshall arguing in an op-ed piece for Fox News that it will stifle research into new medications.

What’s more, Fox Business reported that a study from the nonpartisan Congressional Budget Office said the bill will not bring inflation down.

A poll conducted by YouGov between July 30 and August 2 suggests that most Americans are skeptical too, with just 12% of respondents saying they believe inflation will be reduced.

The Inflation Reduction Act now goes to the House of Representatives where it seems likely to pass despite facing fierce Republican opposition.

Georgia Rep. Marjorie Taylor Greene complained in a tweet on Sunday that the bill is “extremely dangerous,” warning “will raise your taxes, cause higher inflation, and create an armed IRS army that will target small businesses & the middle class.”

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