On Wednesday evening, Sen. Joe Manchin, D-W.Va., and Senate Majority Leader Chuck Schumer, D-N.Y., put out a joint statement announcing the Inflation Reduction Act of 2022. The more than 700-page bill the two came to terms on includes $369 billion for “energy security and climate change.” If it passes, that substantial level of investment is projected to reduce carbon emissions in the U.S. by 2030 by 40 percent. “An initial review of the agreement indicates that this will mark a historic direct investment in renewable energy and will unleash hundreds of billions of private investment for moonshot projects,” Rep. Ro Khanna, D-Calif., told Ryan Grim after the deal was announced.
Khanna has spent months working with Manchin to keep him in talks. The bill also includes a 15 percent corporate minimum tax on companies with profits of more than $1 billion a year; $80 billion over 10 years for IRS tax enforcement; and an expansion of Affordable Care Act subsidies. Khanna joins Grim to discuss the negotiations and the significance of the bill.
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