US Senate Passes Democrat’s Flagship Climate, Drug Pricing, and Tax Bill

After months of negotiations and setbacks, Democrats in the US Senate have passed a pared-down version of their tax, climate, and drug pricing reform bill. Included in the bill is a provision that would limit the price of Insulin to $35 a month for Medicare recipients. Previous iterations of the bill that would have capped prices for patients on private care plans were struck down by Senate Republicans. The passage of the bill comes after Sen. Joe Manchin (D-W.V.) reached a last-minute agreement with Senate Majority Leader Chuck Schumer.

According to Politico, “Sen. Joe Manchin (D-W.Va.) surprised his colleagues late last month when he reached a deal with Schumer on tax and climate provisions as part of the agreement. Then, Schumer made a handful of major changes to appease Sinema, eliminating language that would have tightened a loophole allowing certain investors to pay less in taxes and would have raised $14 billion in revenue.”

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(Source:Politico, August  7th, 2022)