Senate Majority Leader Chuck Schumer (D-NY) said the Inflation Reduction Act passed by the Senate this weekend will “change the world” through climate initiatives, lowering prescription drug costs and increasing corporate taxes.
The $730 billion legislation will force most large corporations to pay a minimum 15% income tax and allow Medicare to negotiate drug prices for seniors. About $370 billion will fund clean energy provisions, including a plan to reduce greenhouse gas emissions by 40%.
Schumer said the new negotiation policy will help over 3.7 million New Yorkers on Medicare save money on prescription drugs.
"Our bill reduces inflation, lowers costs, creates millions of good-paying jobs and is the boldest climate package in U.S. history," Schumer said in a statement. "New York state and New Yorkers are primed to reap the harvest of these investments and costs savings.”
About $2 billion will fund clean energy research like projects currently underway at Brookhaven National Laboratory on Long Island.
A $3 billion investment will reduce air pollution in the communities near ports like the Port Authority of New York and New Jersey.
U.S. Senator Chris Murphy (D-CT) said on Monday that $2.6 billion in funding for the National Oceanic and Atmospheric Administration that would directly benefit Connecticut’s shoreline — along Long Island Sound.
“To invest in marshland protection, to put up seawalls where we have to," Murphy said. "That’s a big deal for us in Connecticut because we have a lot of shoreline, and a lot of projects that need support to ensure that these rising sea levels and more frequent and serious storms don’t knock out our economy.”
The distribution would be mainly through competitive grants to states, as well as directly to shoreline cities and towns.
Schumer said the 15% corporate tax will help pay for the bill, which also includes funds to beef up the IRS to go after wealthy individual taxpayers who typically avoid paying taxes.
Vice President Kamala Harris cast the tie-breaking vote in the Senate on Sunday. The bill now goes to the House where it’s expected to pass this week.
