The Senate passed the $740 billion Inflation Reduction Act Sunday afternoon, addressing energy, taxes and health care.
The package was passed in a 51-50 vote, with Vice President Kamala Harris having the deciding vote.
Included in the bill is almost $370 billion for green energy subsidies and tax credits, approximately $80 billion in Internal Revenue Service funding, and “a drug price setting mechanism for Medicare,” repotted the Daily Caller.
It also establishes a 15% minimum tax on corporations that have annual profits of more than $1 billion.
Democrats have repeatedly argued that the bill will reduce inflation and President Joe Biden promised to not raise taxes on anyone making less than $400,000 a year.
“Today, Senate Democrats sided with American families over special interests,” he said in a statement. “I ran for President promising to make government work for working families again, and that is what this bill does — period.”
“It’s been a long, tough and winding road, but at last, at last we have arrived,” said Senate Majority Leader Chuck Schumer said before the final votes.
Republicans have argued that the bill will raise taxes for American families and have little effect on inflation.
“Democrats have already robbed American families once through inflation, and now their solution is to rob American families a second time,” said Senate Minority Leader Mitch McConnell.
Republican National Committee Chairwoman Ronna McDaniel warned that “Democrats will pay the price in November for raising taxes on families during a recession.”
The House of Representatives is set to take up the legislation when it gets back from recess on Aug. 12.