These Republicans BLOCKED a $35 cap on insulin. pic.twitter.com/FPsHnaLzQA— CAP Action (@CAPAction) August 7, 2022
• The bulk of the spending — more than $300 billion — are investments to tackle climate change and boost clean energy, including incentives for farmers and ranchers to reduce methane emissions; an extension of the electric vehicle tax credit; and the launch of a National Climate Bank that would make investments in clean energy technologies and energy efficiency.
• The legislation would empower Medicare to negotiate prices with drug companies for the first time, cutting prescription drug prices for seniors. The savings would help pay for a three-year extension of Affordable Care Act subsidies, which would stave off an expected rise in insurance premiums that were set to go into effect in 2023.
• The package includes a cap on the price of insulin for seniors on Medicare, but Republicans successfully removed a $35 cap on insulin in the private market.
• The bill also raises revenue through a new 15% minimum tax on large corporations, though accelerated depreciation would be exempted — a key ask of centrist Sen. Kyrsten Sinema, D-Ariz., who extracted several tax changes from leadership before getting on board with the package.
• Sinema also successfully killed a provision to close the carried interest tax loophole that benefits private equity and hedge fund managers. It was replaced, with Sinema’s support, by a 1% excise tax on stock buybacks that actually pulls in more revenue than the carried interest provision would have.