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TechCrunchDec 27, 2022
Manchin, Schumer Announce Inflation Reduction Act
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The Facts
After more than a year of negotiations, Sens. Joe Manchin (D-W.Va.) and Chuck Schumer (D-N.Y.) have announced a compromise tax, health care, climate, and energy bill.
The bill - known as the Inflation Reduction Act of 2022 - will lower Medicare drug prices, invest in clean energy transmission, implement a 15% minimum corporate tax, and increase IRS enforcement, among others.
The Spin
Democratic narrative
While it's too soon to celebrate, this is promising news. The bill goes much further than anticipated: not only would it lower prescription drug prices and extend ACA subsidies, but it would also cut the deficit and make significant reductions in greenhouse gas emissions. This is potentially a huge win.
Republican narrative
The proposed legislation is a political death wish. Raising taxes during the current economic turmoil is a dangerous policy, and Democrats are irresponsibly using reconciliation to bypass any discussion of alternative energy sources - ensuring the continued gas inflation that hurts so many Americans.