China News Service, 8th. According to the Associated Press, on the 7th local time, the US Senate passed the inflation reduction bill.
FILE PHOTO: U.S. Vice President Harris.
The roughly $740 billion bill will reportedly increase taxes on large corporations, fight climate change, lower the cost of prescription drugs, and reduce the fiscal deficit.
Voting began on the 6th and continued until the afternoon of the 7th. After a long legislative process, US Vice President Harris cast a decisive vote, breaking the 50:50 deadlock and allowing the bill to be passed.
According to reports, the bill imposes a minimum corporate tax of 15% on companies with more than $1 billion in profits, and increases taxes on large companies to reduce deficits; the bill also includes investing nearly $400 billion in climate change issues and extending health care subsidies. and so on.
The U.S. House of Representatives is expected to meet this weekend to vote on the bill, and if passed, it will be sent to the White House for signature by the U.S. president.