Joe Manchin

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Key Figures

President Biden signs the Inflation Reduction Act into law, the largest climate legislation in US history and a landmark expansion of healthcare access. The law's main provisions include $369 billion for climate and clean energy investments including EV tax credits, heat pump incentives, and manufacturing subsidies. It allows Medicare to negotiate prescription drug prices for the first time. It caps out-of-pocket Medicare drug costs at $2,000 annually. It extends ACA subsidies through 2025. It caps insulin at $35/month for Medicare enrollees. It imposes a 15% minimum corporate income tax on companies with over $1 billion in profits. The bill passes the Senate 51-50 with Vice President Harris casting the tiebreaking vote after 18 months of negotiations.

President Biden signs the Inflation Reduction Act (P.L. 117-169) into law, the largest climate investment in U.S. history. The law allocates $369 billion for clean energy and climate programs, grants Medicare the authority to negotiate prescription drug prices for the first time, caps out-of-pocket drug costs for Medicare beneficiaries at $2,000 annually, and extends ACA subsidies for three years. The bill passes the Senate 50-50 with Vice President Harris casting the tie-breaking vote, and the House 220-207. No Republicans vote for it. The deal comes together after a surprise agreement between Senate Majority Leader Schumer and Sen. Joe Manchin.

President Biden signs the Inflation Reduction Act (HR 5376), the largest climate investment in US history ($369B for clean energy), plus $64B to extend ACA subsidies, Medicare drug price negotiation authority, $2,000 Medicare Part D out-of-pocket cap, a 15% corporate minimum tax, and expanded IRS enforcement funding. CBO projects it reduces deficits by ~$300B over 10 years. Contains staggered provisions running through 2033+.

President Biden signed the Inflation Reduction Act into law, which included a three-year extension of enhanced Affordable Care Act marketplace subsidies first enacted in the American Rescue Plan. The subsidies capped premiums at 8.5% of income for all income levels and eliminated the coverage cliff for those earning above 400% of the federal poverty level.

President Biden signed the Inflation Reduction Act, directing roughly $369 billion to climate and clean-energy programs. The law extended Investment and Production Tax Credits for solar and wind, added stand-alone storage credits, and created manufacturing incentives for batteries and electric vehicles. Senate Majority Leader Chuck Schumer secured Joe Manchin'support for the final 51-50 reconciliation vote with Vice President Harris breaking the tie.