IFPTE Requests Senators Vote for Inflation Reduction Act Budget Reconciliation Bill
This week, IFPTE told Senators to vote for the Inflation Reduction Act, which advances a number of IFPTE’s priorities by making our energy sector cleaner and more resilient, prescription drugs more affordable, and our economy and tax system fairer for all Americans.”
The letter highlights some of the key sections included in the budget reconciliation bill, which can be passed by the Senate with 50 votes, plus the Vice-President’s tie-breaking vote. Those provisions include:
“$369 billion to supporting advanced energy generation and promoting the domestic manufacturing and supply chains necessary to make a clean energy transition with good union jobs. As a whole, these provisions are expected to result in a 40% reduction in the nation’s carbon emissions by 2030. “
“[P]ermit the federal government to negotiate Medicare prescription drug prices, control drug price increases, lower out-of-pocket costs for seniors and Americans covered by private insurance, and save the government $288 billion. These prescription drug price reforms, along with enhanced Affordable Care Act premium tax credits contained in this bill, will make a meaningful difference to working families.”
The inclusion of a corporate minimum tax rate makes sure multinational corporations – including those that currently pay little to no federal income taxes in some years – pay at least 15% tax, which is around the average tax rate paid by individuals. The legislation also adds a 1% excise tax on corporate stock buybacks and closes the loophole used by private equity and hedge fund managers to shield their income from being taxed.”
Read IFPTE’s letter asking the Senate to pass the Inflation Reduction Act here.