Solidly down party lines, the Inflation Reduction Act passed through both Chambers of Congress and went to President Biden?s desk, where he signed it earlier this week. While Republicans have labeled it as more ?tax and spend?, Democrats are touting the bill’s investment in American innovation, while making billion-dollar companies pay their share of taxes to help upkeep the infrastructure to which they add wear and tear.
Iowa 3rd District Congresswoman Cindy Axne came by the IARN booth during the Iowa State Fair and talked about the legislation. First, she highlighted some of the pieces that will expand biofuels infrastructure that the industry was waiting for.
Axne also talked about something that affects rural and urban citizens alike, and that is the cost of prescription drugs and insulin. She says the bill will cap prices so that people who need access to prescriptions don?t have to decide between life-saving medicines or keeping their other necessities paid for.
There is also a corporate tax level of 15% for companies that make over a billion dollars. Axne says that for too long these companies have been taking advantage of our resources and infrastructure, without helping pay for their upkeep and upgrades. We also talk about the criteria for businesses to qualify for that rate.
You can listen to our full interview here.
