Monday, March 4

US Senate passes climate and tax law after months of hurdles

The United States Senate has given the green light this Sunday to the climate, health and fiscal plan proposed by the Democrats. The $430 billion project is aimed at increasing clean energy and lowering the cost of some medicines. Its supporters estimate that it will serve to reduce the country’s polluting emissions by 40% between now and 2030.

The week that triggered tensions between China and the US over Taiwan

Know more

The project, whose purpose is to reduce inflation, also includes amendments from the Republican party such as the collection of a minimum tax of 15% on companies that earn more than one billion dollars, which will partially finance the measures.

For the approval of the law, all the progressive votes of the Upper House and that of the president of the Senate and vice president of the country, Kamala Harris, who broke the tie, were necessary. The project received the green light after more than 20 hours of debate and presentation of amendments.

The Inflation Reduction Act, which seeks to generate revenue of some 740,000 million dollars, represents the largest public investment against climate change in the history of the United States.

The project also seeks to reduce the price of medicines, which has increased due to inflation. This will be done thanks to a health coverage program for people over 65, Medicare, which will be able to negotiate the prices of prescription pharmaceuticals. “This is legislation for families who can’t make ends meet, for seniors who can’t afford their medications, and for kids with asthma,” said Senate Democratic Leader Chuck Schumer.

The president of the United States, Joe Biden has celebrated the approval of the project in the Senate. “I ran for election promising to get government back to work for working families, and that’s what this law does,” the president defended.