Politics & Finances

House Convenes Special Session For Inflation Reduction Act Vote

8/11/2022

The United States House of Representatives is convening a special session to pass the Inflation Reduction Act of 2022, which was already been approved by the United States Senate on August 8, 2022.

Despite "unanimous Republican opposition," as reported by People Magazine, the Senate passed Democrats' highly-publicized bill, which includes sweeping climate, healthcare, and tax provisions.

The New York Times reported specifics on the House's vote, which is set to occur today, August 12, 2022:

The House was poised on Friday to pass major components of President Biden’s domestic agenda, capping Democrats’ effort to push into law a climate, tax and health care package that appeared dead just weeks ago.

Lawmakers are set to return from their scheduled summer recess for one day to vote on the legislation, which faces unanimous Republican opposition. Mr. Biden is expected to sign the measure soon after.

In late July and early August, it initially looked like two key centrist Democrats -- Senator Joe Manchin (D-WV) and Senator Kyrsten Sinema (D-AZ) -- would be holdouts on the sweeping bill, which addresses everything from climate change to healthcare costs, but both Senators' votes were eventually secured.

Sinema, in particular, had concerns about the carried interest loophole, which were officially addressed by Senate Majority Leader Chuck Schumer (D-NY) and his team late last week.

According to a Bloomberg assessment, the Inflation Reduction Act strongly favors wealthy Americans, private equity firms, electric car manufacturers, oil companies, and those on Medicare or using insurance from the Affordable Care Act marketplace.

Furthermore, the IRS received its much-touted $80 billion funding increase that was backed by three former IRS heads -- Fred Goldberg, who headed the agency under former President George H. W. Bush, President Bill Clinton's IRS head, Charles Rossotti, and John Koskinen, who led the IRS under the President Barack Obama administration.

Losers in the bill's passing include Republicans, pharmaceutical companies, tech companies, and the SALT Caucus -- the act does not include a provision to expand the $10,000 cap on the state and local tax deduction, a huge blow to residents of high-tax states in the Northeast and on the West Coast.

This makes New York Gubernatorial candidate Lee Zeldin's tax cut promises particularly appealing to Empire State voters.

Furthermore, social programs, including an expanded version of the child tax credit, were cut from the final version of the Inflation Reduction Act of 2022.

What do you think about the fact that the House is poised to pass the IRA?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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