US senators have begun considering one of President Joe Biden’s biggest legislative initiatives, including billions of dollars in environmental and social investment and tax reform.
The bill, called the Inflation Reduction Act, allocates $370 billion for clean energy and climate goals and $64 billion for health care.
According to the authors, the tax reform contained in the 755-page document will not only cover additional spending, but also reduce the budget deficit by $300 billion.
Sources say the measures would force the nation’s largest corporations to pay “at least some federal income taxes” and eliminate tax avoidance schemes common among the richest Americans, but would not increase the burden on those making less than $400,000 a year.
All Democrats in the Senate voted to start the debate, 51 people led by Vice President Kamala Harris and 50 senators.
Republicans voted unanimously against opening the debate.
Source: RIA Novosti