Stay In the Know

The Senate just passed the Inflation Reduction Act on a party line vote on August 7, a bold measure to address climate change, corporate taxation, and health care. It is a $3.5 trillion budget reconciliation package that includes everything from electric vehicle tax credits to clean energy manufacturing to investments in environmental justice, a new 15% minimum tax on the income large corporations report to shareholders and a new 1% excise tax on companies’ stock buybacks, and extension of the enhanced federal premium subsidies for Obamacare and new Medicare power to negotiate prescription drug pricing. Also, the Senate released draft appropriations legislation for FY2023 on July 28, however, no Republicans were included in the process, so they are likely to change in the final negotiations with the House at the end of the year. See details in our report and please let me know any questions.

The past few weeks have been among the most disturbing in recent years, raising renewed concerns about how to address mass casualty shootings. Several efforts are underway in Congress, however, partisanship remains a major barrier despite national polling indicating broad support for some gun control measures. Inflation is also top of mind these days. Gas and food prices are soaring, hitting Americans on a daily basis, and the baby formula supplies are far from pre-pandemic levels. Congress returns from the annual Memorial Day recess on June 7th and will work on nomination votes and legislation addressing the health of veterans exposed to burn pits, the annual defense authorization, and the appropriations funding levels for FY2023.