U.S. Senate Passes Inflation Reduction Act

Democrats pushed their election-year economic package to Senate passage Sunday. The estimated $740 billion package heads next to the House.

The money would come from a 15% minimum tax on a handful of corporations with yearly profits above $1 billion, a 1% tax on companies that repurchase their own stock, bolstered IRS tax collections and government savings from lower drug costs.

The President urged the House to pass the bill as soon as possible. Speaker Nancy Pelosi said her chamber would “move swiftly to send this bill to the president’s desk.” House votes are expected Friday.