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Vice President Kamala Harris cast the tie-breaking vote as Senate Democrats passed the $430 billion Inflation Reduction Act — a climate, tax and healthcare bill that includes provisions to raise corporate taxes.
Lower prescription drug costs and reduce the federal deficit. The bill is due to be passed by the House on Friday.
Of particular importance to homeowners, the act will allocate approximately $370 billion for energy and climate programs and provide Americans ample opportunities to save money through rebates and tax credits.
According to MarketWatch, under the Inflation Reduction Act, $9 billion has been allocated to total energy rebates. Homeowners can receive rebates for qualified electrification projects — including up to $1,750 for converting to a heat pump water heater, up to $8,000 for a heat pump HVAC system, and $840 for electric load service panels and electric appliances, such as dryers and stoves.
Rebates are also available to homeowners that will need to upgrade electrical panels (up to $4,000 rebate), insulate and seal their house (up to $1,600 rebate) and repair wiring (up to $2,500 rebate).
That's when Jurado, then 18, reached out to the Supplemental Nutrition Program for Women, Infants, and Children. More commonly known as WIC, the program provides at-risk low-income pregnant people, postpartum people, infants, and children up to 5 with food, nutrition education, breastfeeding support, and health care referrals.
A lactation specialist soon arrived at Jurado's home in California. The specialist gave her breastfeeding classes, monitored how Jurado held the baby girl as she nursed and noticed that the girl's difficulty gaining weight had nothing to do with the mother. The child had a tied tongue, which made it difficult for the infant to get the milk.
With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden’s landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households?
Economic analyses of the proposal suggest that the answer is likely no — not anytime soon, anyway.
The legislation, which the Senate passed earlier during the week and now heads to the White House for Biden’s signature, won’t directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals.
Still, the law could save money for some Americans by lessening the cost of prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices. It would also modestly cut the government’s budget deficit, which might slightly lower inflation by the end of this decade.
With inflation raging near its highest level in four decades, the House on Friday gave final approval to President Joe Biden's landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households?
Economic analyses of the proposal suggest that the answer is likely no — not anytime soon, anyway.
The legislation, which the Senate passed earlier this week and now heads to the White House for Biden's signature, won't directly address some of the main drivers of surging prices — from gas and food to rents and restaurant meals.
Still, the law could save money for some Americans by lessening the cost of prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices. It would also modestly cut the government's budget deficit, which might slightly lower inflation by the end of this decade.
Economists think inflation is all about economics. What they don’t know is that it’s also about psychology. But Reserve Bank governor Dr Philip Lowe shows a glimmer of understanding when he refers not to “inflation expectations” but to “inflation psychology”.
Notorious for their “physics envy” – where the world works according to known and unchanging laws, so everything can be reduced to mathematical calculation – economists think changes in prices are determined by the interaction of the “laws” of supply and demand.
This is true, but far from the whole truth. Especially for the prices set in the jobs market – aka wages – where this simple “neoclassical” analysis almost always gives wrong answers.
Democrats’ Inflation Reduction Act passed the House of Representatives in a 220-207 vote on Friday after clearing the Senate last weekend, and with it, some big changes could be coming to key sectors of the U.S. economy.
The measure, though a slimmed-down version of President Joe Biden’s Build Back Better proposal, would pump billions of dollars into climate and healthcare programs, while levying new taxes on big companies and stock buybacks to pay for it all.
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Below is a look at some of the key provisions of the bill, which passed the Senate in a 51-50 vote on Sunday, as Vice President Kamala Harris broke a tie. No Republicans in the Senate or House voted for it, as the GOP argued the measure wouldn’t live up to its name as an inflation-fighting measure.
