Sen. Smith on covering the $430 billion price tag for Inflation Reduction Act
The Inflation Reduction Act (IRA) signed into law this week by President Biden aims to bring down prices on prescription drugs and fight climate change. But with a $433-billion price tag, we asked U-S Senator Tina Smith where the money is coming from to pay for it…
“Not only does this legislation help lower costs for Americans, but it also reduces the deficit. And the way that we pay for this is that we say if you’re a company that makes over a billion dollars a year in profits, that you ought to pay taxes and there’s like a lot of companies that don’t pay any federal income taxes at all.”
The bill passed in Congress with no Republican support in the Senate and opponents of the IRA say it does little to reduce inflation in the immediate future.