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House set to pass Inflation Reduction Act

House Democrats are expected to today approve the Inflation Reduction Act, a sweeping package to lower health-care costs, combat climate change, raise taxes on some large companies and reduce the deficit, sending the proposal to the Oval Office for President Joe Biden's signature. With debate set to begin in the morning, and a vote on passage likely later in the afternoon, the chamber is on track to deliver for Democrats a major legislative victory. The package will be funded through changes to tax laws, including a new 15% minimum tax on some billion-dollar corporations that currently pay nothing to the federal government. They also seek taxes on companies that buy back their own stock, and money to help the IRS fight against tax evasion. Initial analyses of the legislation found that it could reduce the nation’s deficit by as much as $300bn over a decade.

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