U.S. House of Representatives approves bill to “battle” inflation

The U.S. House of Representatives passed the Tax Policy, Health Care and Weatherization Act on Friday (Aug. 12) after the Senate previously approved it. The bill was sent to President Joe Biden for his signature.

Democrats want to get the bill, called the Inflation Reduction Act, passed before the November midterm elections.

Republicans strongly oppose the bill, saying the tax increase would burden businesses and workers and hurt the U.S. economy.

“You can’t collect taxes and find a way out of the inflation crisis,” said House Minority Leader Kevin McCarthy, blaming the Biden administration’s policies for the worst inflation in 40 years.

The bill provides for $400 billion in investments to combat weather change and measures to make prescription drugs cheaper, as well as a 15% minimum tax on most companies earning more than $1 billion a year, which will raise more than $300 billion in new revenue.

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