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August 1-7, 2022

August 1-7, 2022
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Politico: Sen. Joe Manchin and Majority Leader Chuck Schumer are working toward legislation that provides $1 trillion in new revenues, half of which would go toward deficit reduction and half of which would go toward energy and health spending. | Getty Images

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WATCH: House debates on the Inflation Reduction Act
Bloomberg Markets and Finance, August 12, 2022 – 12:00 pm (ET)
“Inflation Reduction Act Takeaways”
Bloomberg Markets and Finance, Steve RattnerAugust 5, 2022 (07:03)

Steve Rattner, Willett Advisors Chairman & CEO, breaks down the Inflation Reduction Act and what it means for investors and why there is a cost to addressing climate.

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The Inflation Reduction Act, explained
Vox, Stewart, Zhou, & Leber August 7, 2022

The climate bill is also a health care bill (and it does a few things on taxes, too).

The biggest effort to tackle climate change — ever
The Inflation Reduction Act would be the biggest thing the US has ever done to tackle climate change, and climate makes up the largest share of the bill’s spending: nearly $370 billion.

Helping people afford health insurance for longer
The climate parts of the bill have gotten the most attention. But the bill also includes some significant steps on health care, including shoring up an expansion to the Affordable Care Act.

Negotiating prescription drug prices
For years, Democrats have told voters that they will take on policies that reduce the costs of prescription drugs, only to be blocked by Republicans and fall short. This bill allows them to finally fulfill that campaign promise by enabling Medicare to negotiate on prescription drugs — a major change that could lead to significant cost reductions for a small subset of drugs.

Closing a loophole to make corporations pay more taxes
The agreement also includes a 15 percent minimum tax on corporations with profits over $1 billion. Senate Democrats note that while the current corporate tax rate is 21 percent, dozens of major companies, including AT&T, Amazon, and ExxonMobil, pay much less than that. The proposal says that the provision would raise $313 billion, though as Politico notes, there’s debate among tax experts about how and whether this would work.

How the IRA reduces prescription costs
PBS NewsHourAugust 7, 2022 (05:47)

How the Inflation Reduction Act aims to reduce prescription drug costs

48 million Americans get prescription drugs through Medicare Part D, but Medicare has had no ability to negotiate prices. A provision in the Inflation Reduction Act would change that in some cases. The bill would also cap out-of-pocket drug costs for Medicare recipients. Stacy Dusetzina from the Vanderbilt University School of Medicine joins Lisa Desjardins to discuss.

5 takeaways from a key primary night
Politico, David Siders : Analysis et al.

Roe jolts the midterms — 5 takeaways from a key primary night

The Roe earthquake is real

Republicans make it easier on themselves

The Meijer name wasn’t enough to overcome political gravity in West Michigan

Election denialism is still flourishing

And yet … Trump takes a hit

 

Brooks and Capehart on critical primary elections
PBS NewsHourAugust 5, 2022 (12:14)

New York Times columnist David Brooks and Washington Post associate editor Jonathan Capehart join Judy Woodruff to discuss the week in politics, including how Democrats are moving closer to passing a new climate and spending bill and a look at Tuesday’s primary election results and how they could shake up the midterm election landscape.

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