Republicans vow to fight anti-inflation bill after Democrats win votes

WASHINGTON (NEXSTAR) – Democrats say they secured the votes to pass important legislation called the Inflation Reduction Act after reaching an agreement with Senator Kyrsten Sinema.

Senator Sinema demanded changes to the bill in exchange for her vote, forcing Democrats to scrap a provision that closed a tax loophole that allowed hedge fund and investment managers to pay lower taxes.

“Senator Sinema said she wouldn’t vote for the bill, it wouldn’t even go ahead unless we take it out,” said Sen. Chuck Schumer (D-NY).

But Senate Majority Leader Schumer says Democrats have introduced a new tax on company stock buybacks, and a provision for a minimum corporate tax rate of 15% also remains in the package, all to reduce the federal deficit.

“We are now one step closer to implementing this historic legislation,” Schumer said.

President Biden says the bill will fight inflation and “reduce prescription drug costs by giving Medicare the power to negotiate lower drug prices.”

The package will also expand the Affordable Care Act tax credits to avert a 25% increase in premiums.

But the bill is also about slowing climate change by spending $369 billion on renewable energy and tax credits on electric cars and other energy-saving measures.

While Democrats are calling the bill the Inflation Reduction Act, Republican Roger Wicker (R-MS) says that would not be true when labeling legislation.

“This will not reduce inflation, it will tax job creation,” Wicker said.

Republicans promise to fight back in a special session of the Senate this weekend.

“We will do everything we can, as I have said, to thwart this legislation and we will offer many amendments,” said Senator John Thune (R-SD).

While Republicans can’t stop the legislation if all Democratic senators, including Sinema, vote yes, Senator Lindsey Graham says they intend to delay the process. Republicans vow to fight anti-inflation bill after Democrats win votes

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