2/18/2024 0 Comments Instal the new IRA![]() That cap now applies only to those with Medicare Part D. The bill also would have capped insulin costs at $35 per month for privately insured Americans, but Senate Republicans and the Senate parliamentarian blocked that measure. Here’s what you need to know about how it might affect your wallet. Although the IRA includes funding for climate change initiatives and health insurance expansion, gone are some of Biden’s stated policy priorities-including expanded childcare, universal preschool, and paid family leave-to make it more palatable to Manchin. The IRA is a pared-back version of Build Back Better, Biden’s original domestic policy agenda that was put on hold by Republicans and moderate Democratic Sen. They also say it is likely consumers won’t feel the effects right away rather the bill makes long-term investments. Economists say the bill will likely reduce inflationary prices, although it may do so only moderately. Democrats say it adheres to President Joe Biden’s vow not to raise taxes on households earning less than $400,000 per year or on small businesses.Īll Congressional Republicans voted against the bill, saying it would eliminate jobs and inflate prices further. To finance that, it raises taxes on large, profitable companies and aims to better enforce tax collection efforts on the rich. Called the Inflation Reduction Act of 2022, or the IRA, the package puts hundreds of billions of dollars toward expanding health care access, reducing prescription drug costs, and lessening the effects of climate change.
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