{"id":1998618,"date":"2023-08-12T07:41:01","date_gmt":"2023-08-12T11:41:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/where-three-key-policy-proposals-in-the-inflation-reduction-act-stand-one-year-later\/"},"modified":"2023-08-12T07:44:49","modified_gmt":"2023-08-12T11:44:49","slug":"where-three-key-policy-proposals-in-the-inflation-reduction-act-stand-one-year-later","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/where-three-key-policy-proposals-in-the-inflation-reduction-act-stand-one-year-later\/","title":{"rendered":"One year later, the status of three key policy proposals in the Inflation Reduction Act."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhere-three-key-policy-proposals-in-the-inflation-reduction-act-stand-one-year-later%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1998618&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>One Year Later:\u2063 Assessing the \u2063Impact of\u2063 the Inflation Reduction Act<\/h2>\n<p>It&#8217;s been one year since\u2062 the Biden \u200badministration passed the Inflation Reduction Act (IRA), a flagship policy\u200c aimed at \u2064tackling climate change, \u200blowering prescription\u200b drug prices, and improving taxpayer compliance. \u200dThis groundbreaking legislation includes \u200chundreds of billions of \u2063dollars in funding to\u2063 support these initiatives.<\/p>\n<h3>President \u2062Biden Takes \u200bto the Southwest\u2063 to Promote \u2063IRA Policy Changes<\/h3>\n<p>This week,\u200b President\u2063 Joe Biden \u200dembarked on a tour of the Southwest \u2062to promote \u200cthe\u200c IRA policy changes. His goal is to confront climate \u200dchange head-on and create new \u200djob opportunities for Americans.<\/p>\n<blockquote>\n<p><strong>INFLATION TICKED UP TO 3.2% IN JULY IN SETBACK FOR \u200cBIDEN AND \u200dFED<\/strong><\/p>\n<\/blockquote>\n<p>However, the IRA has faced significant pushback\u200d from companies and industries directly affected by its provisions. Notably,\u200d every single House and Senate Republican voted against\u200c the IRA, highlighting the contentious nature of this\u200c legislation.<\/p>\n<blockquote>\n<p>\u201cOne year ago, \u200bthe so-called Inflation Reduction Act passed \u200da Democrat-run House and gave\u200c hundreds of billions in taxpayer subsidies to climate hoax special \u2064interests,\u201d\u200c said Rep. Bob Good \u200d(R-VA) in an interview \u2063with the Washington Examiner. \u201cMeanwhile, family budgets\u2062 are still strained, small\u2064 businesses are still hurting, and the Federal Government\u2063 remains weaponized against\u2064 the American people.\u201d<\/p>\n<\/blockquote>\n<h3>Climate Initiatives: A Major Focus\u2062 of the IRA<\/h3>\n<p>The IRA represents the largest climate measure in U.S. history, with a strong emphasis on \u2063clean energy and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/landmark-climate-study-says-melting-arctic-wont-lead-to-more-severe-cold-weather\/\" title=\"Landmark Climate Study Says Melting Arctic Won\u2019t Lead to More Severe Cold Weather\">reducing greenhouse gas emissions<\/a>. It <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/where-three-key-policy-proposals-in-the-inflation-reduction-act-stand-one-year-later\/\" title=\"One year later, the status of three key policy proposals in the Inflation Reduction Act.\">includes significant clean energy tax credits<\/a> \u2063to boost the transition to electric vehicles (EVs) and \u2064expand renewable energy production.<\/p>\n<p>Thanks to the IRA, there has been a surge\u2062 in investment in battery and EV manufacturing across the country. \u200bIn fact, EV sales in the first quarter of \u200c2023 increased by 25% compared to the same period last year, according to the\u2064 International Energy\u2063 Agency. \u2064This growth \u200ccan be attributed \u2063to\u200d price cuts by automakers and the IRA tax \u2063credits, which can be worth up to $7,500 for consumers purchasing vehicles between 2023 and 2032.<\/p>\n<p>The IRA\u200c has also allocated $6 billion to \u2063advance loans for\u2063 the creation of clean vehicles and their components. Additionally, funding has been provided to tribal, state,\u2063 and\u2064 local governments to\u200b deploy clean heavy-duty vehicles, particularly in\u2063 areas with\u200b poor air quality.<\/p>\n<p>By placing\u200b emission mandates on the gas and oil\u200b industry, the IRA aims \u200dto reduce U.S. net greenhouse gas emissions\u2062 by 32%-42%\u2063 by \u20642030, \u2063according to the Rhodium \u2063Group. The Environmental Protection Agency (EPA) has \u2062received over $41 billion from the IRA,\u200c which has\u200c been used to open grant\u200d competitions \u2064and support various climate initiatives.<\/p>\n<h3>Lowering Prescription \u200bDrug Costs: A Key Provision of\u2063 the IRA<\/h3>\n<p>The IRA includes\u2062 multiple provisions to \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/star-of-sen-mark-kelly-campaign-ad-called-white-men-single-greatest-domestic-terrorist-group\/\" title=\"Star of Sen. Mark Kelly Campaign Ad Called White Men 'Single Greatest Domestic Terrorist Group'\">lower prescription drug costs<\/a> for Medicare users and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rand-paul-masks-on-planes-theater-plans-to-force-vote-to-end-mandate\/\" title=\"Rand Paul: Masks On Planes \u2018Theater,\u2019 Plans To Force Vote To End Mandate\">decrease government spending<\/a> on drugs. One such\u2064 provision is the Medicare\u200c Prescription Drug Inflation Rebate\u2062 Program, which requires manufacturers to pay a rebate to Medicare if the price of a drug exceeds the rate of \u200cinflation.<\/p>\n<p>Another \u200cprovision, the \u200cDrug Price\u200d Negotiation Program, allows \u2062Medicare \u200cto directly negotiate with drug companies to lower the prices of expensive\u2063 brand-name drugs covered under Medicare Part B and Part\u2064 D. The Congressional Budget Office \u200destimates that these \u200cdrug negotiation measures will result in Medicare savings of $98.5\u2063 billion over 10\u200b years.<\/p>\n<p>However, the pharmaceutical\u200d industry, including the influential lobbying group Pharmaceutical Research and Manufacturers of\u2064 America, has filed lawsuits to block \u2064these provisions. They argue that the measures will have little impact \u200con healthcare\u2063 costs and \u200cmay discourage the \u200ddevelopment of new \u2063drugs.<\/p>\n<h3>Tax Reforms: \u200bHolding Profitable Companies Accountable<\/h3>\n<p>The IRA seeks \u2064to hold highly profitable corporations accountable \u2064by \u200bimplementing a book minimum tax. This tax requires companies with\u2064 at\u200c least $1 \u200bbillion in net income or \u2063profits to \u2062pay\u2063 a minimum tax rate\u2064 of \u200d15% based on\u200d their reported earnings. The effects of this tax\u200c are yet to be seen,\u200b as it will apply to \u2063tax years starting after December 31, 2022.<\/p>\n<p>Major \u200bcompanies such as Amazon, Tesla, Ford, and General Motors are expected to face significant tax increases. In 2021, \u200c19 Fortune 100 \u2063companies paid low\u2063 or no taxes on their earnings, according to the \u2062Center \u2064for American Progress. Business organizations, including\u200d the U.S.\u2062 Chamber of \u200bCommerce and the Business Roundtable, have \u2062strongly opposed the IRA, arguing\u2064 that it\u2062 will discourage\u2064 investment and hinder economic\u2062 growth.<\/p>\n<p>Despite the pushback, the Biden administration remains committed to\u200c the \u2062transformative potential of \u2062the IRA. As the \u2062second year of implementation begins, the Environmental\u200c Protection Agency and other agencies will continue \u2064to \u2063award funds and provide support to communities, recognizing the urgency \u200cfor climate action and environmental justice.<\/p>\n<p>While \u2064the IRA has\u2063 faced criticism and \u2064challenges, it represents a bold\u2062 step towards \u200baddressing pressing\u2063 issues such\u200c as climate change, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-meets-with-kids-separated-from-j6-political-prisoner-parents\/\" title=\"Trump meets children separated from parents in J6 political prisoner case.\">prescription drug \u2064costs<\/a>, and corporate\u2063 accountability. As the effects\u2064 of this legislation continue to unfold, its impact on American society and the economy will \u200cbe\u2064 closely monitored.<\/p>\n<p><em>Oh \u2014 and Bidenflation is costing households\u200c thousands of dollars,\u201d\u2064 Good said. \u201cDemocrat policies continue to \u200cmake everything worse and hurt average Americans.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the past year, the Biden administration implemented the Inflation Reduction Act, a significant policy addressing climate change, reducing prescription drug costs, and enhancing taxpayer compliance. President Joe Biden is currently touring the Southwest to advocate for these IRA policy modifications, aimed at tackling these pressing issues.<\/p>\n","protected":false},"author":1,"featured_media":1998619,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1998618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1998618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1998618"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1998618\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1998619"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1998618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1998618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1998618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}