On health care, the bill enables the federal health secretary tothe prices of some drugs for Medicare. It also caps out-of-pocket prescription drug costs for people on Medicare at $2,000, effective in 2025.
On taxes, the legislation establishes a 15% minimum tax for corporations making $1 billion or more in income, which is estimated to bring in over $300 billion in revenue. And despite the bill's name, the nonpartisan Congressional Budget Office says the Inflation Reduction Act will have aWith three months to go before midterm elections, Democrats want to promote the benefits of the legislation. Some will kick in right away, including the energy efficiency tax credits. But other benefits, like lower costs for prescription drugs, won't be felt before voters head to the polls.
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