U.S. House Passes Inflation Reduction Act

Wisconsin lawmakers were divided over the Inflation Reduction Act that passed the U.S. House on Friday. The legislation now goes to President Joe Biden for his signature.

The bill provides around $375 billion over 10 years to help industry and consumers transition away from fossil fuels to cleaner energy sources. The bill provides around $64 billion to extend the Affordable Care Act to around 13 million people who need help paying health care premiums for insurance bought on the private market. The bill raises around $740 billion in revenue over the next 10 years, and that includes around $222 billion raised from a 15 percent minimum tax on corporations.

During debate Friday, Democratic U.S. House Rep. Mark Pocan said the bill lessens the effects of global inflation while investing in renewable energy development.

“That will make us more energy independent and less dirty,” said Pocan.

Republican U.S. House Rep. Tom Tiffany called the bill a “tax-and-spending bonanza” amid record inflation. The nonpartisan Congressional Budget Office found the bill’s impact on inflation could be positive or negative, and its effects are largely uncertain.