The House of Representatives passed the Inflation Relief Act by a party-line vote of 220-207. Four Republicans did not vote. The $740 billion bill tackles a range of issues, including climate change, health care, and energy.
The bill includes $369 billion in investments to help battle climate change and provide energy security, plus an additional $64 billion to expand expiring Affordable Care Act subsidies for two years. The bill also provides $80 billion to the IRS.
To pay for the spending and reduce the deficit, the bill will create a 15% minimum tax on large corporations and a 1% tax on stock buybacks. It will also help reduce the deficit by allowing Medicare to negotiate the prices of certain prescription drugs. The increased taxes and reduced Medicare costs are expected to raise around $700 billion over ten years.
Democrats touted the legislation after it was passed.
"Today is really a glorious day for us," said House Speaker Nancy Pelosi. "We send to the president's desk a monumental bill that will be truly for the people."
Meanwhile, Republicans slammed the contents of the bill.
"Remember this day," said House Minority Leader Kevin McCarthy. "When Democrats jammed through a 700-page bill that raises your taxes and doubles the size of the IRS."
The legislation, which already passed the Senate 51-50 with Vice President Kamala Harris casting the tie-breaking vote, will now head to President Joe Biden's desk for his signature.