Washington Correspondent Jon Decker explains $740 billion Inflation Reduction Act

The bill to reduce the deficit primarily addresses climate and health care issues, according to Washington Correspondent Jon Decker.
Published: Aug. 8, 2022 at 4:41 PM CDT
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WASHINGTON, D.C. (KLTV/KTRE) - The bill to reduce the deficit will pass the House with almost 100% certainty, according to Gray TV’s White House correspondent Jon Decker, and primarily addresses climate and health care issues.

Decker clarified the act has “nothing that will immediately impact you or I as it relates to inflation,” but instead involves more long-term goals.

He said $369 billion of the plan is dedicated to climate topics, which include subsidizing sustainable energy and energy-efficient windows in construction.

Another major aspect of the bill involves changes to Medicare, capping maximum out-of-pocket expenses at $2,000/year and enabling pharmaceutical prices to be negotiated, Decker stated.

Decker also mentioned the act will be funded through corporate taxes on companies with more than $1 billion per year in profit and a tax on corporate buybacks of stock.

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