Sen. King lending support for new ‘Inflation Reduction Act’

Published: Aug. 2, 2022 at 9:37 PM EDT
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AUGUSTA, Maine (WMTW) - Maine senator Angus King is lending support for the new “Inflation Reduction Act” introduced by senate democrats, designed to address tax, health care, and energy policies.

The bill would empower Medicare to negotiate bulk discounts for prescription drug prices, and cap out-of-pocket costs for Medicare beneficiaries at $2,000 a year.

Extend enhanced subsidies for “Affordable care act” premiums for three more years.

Double the size of the IRS to collect more un-paid taxes and conduct audits, and require companies that profit one-billion-dollars or more annually to pay a *minimum* corporate tax of 15-percent.

The bill would also invest more in domestic oil and gas production and energy supply chains to reduce prices at the pump, while offering tax credits for buying electric vehicles.

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