He says the legislation pays for itself.
Washington DC. (KM) – Sixth District Congressman David Trone says he will vote for the Inflation Reduction Act when it comes before the US House of Representatives on Friday. The $739 billion package approved last week by the US Senate has deficit reduction measures covering taxes, the cost of medications and green energy.
Trone says it will pay for itself by imposing a 15% minimum tax for corporations making $1 billion or more income who have not always paid their fair share of taxes, or no taxes at all. . “So about 150 huge, billion-dollar corporations that are making huge profits. But because of the tax gimmicks are paying no tax,” he says.
The legislation also provides more resources to the IRS to go after tax cheats and those who refused to pay their taxes.
Trone says it also invests in clean energy. “Then it provides literally $300 billion to help clean energy. It’s going to create a tremendous number of jobs all over the country in clean energy,” he says.
The bill also provides $60-billion for growing America’s clean energy infrastructure base, and reduces greenhouse gasses by 46% based on 2005 levels by the end of the decade. “We’ve got serious problems in ourn planet to keep it sustainable, and it’s our own fault,” says Trone. “And this will start to clean a tremendous amount of our environment.>
There are also some provisions covering drug prices. The bill gives Medicare the authority to negotiate the costs of some drugs with pharmaceutical companies, and puts a $2,000 cap on out-of-pocket prescription drug costs on people who are on Medicare.
The legislation also sets aside $64-billion for a three-year extension of Affordable Care Act subsidies.
By Kevin McManus