The Impact of the Inflation Reduction Act on Aiken County

Republican Opposition

Despite the passing of the Inflation Reduction Act, Aiken County’s Congressional delegation did not show support. U.S. Rep. Joe Wilson, R-S.C., was among the 207 Republicans who voted against the bill on Friday.

Key Provisions of the Bill

The bill includes allocations of $369 billion to combat climate change and $64 billion to extend the Affordable Care Act. It also introduces a 15% corporate minimum tax, prescription drug pricing reform, enhanced tax enforcement, and the removal of the carried interest loophole.

Republican Criticisms

Wilson referred to the bill as the “Inflation Expansion Act,” expressing concerns about its impact on American families. U.S. Rep. Jeff Duncan, R-S.C., criticized the bill as un-American and detrimental to the nation’s well-being.

Implications of the Bill

Duncan highlighted the potential negative outcomes of the bill, stating that it could worsen the nation’s economic and energy crises. He emphasized the bill’s focus on green energy subsidies and tax credits, which could lead to increased energy costs for Americans.

Opposition Among South Carolina Republicans

Other South Carolina Republicans, including U.S. Reps. Nancy Mace, William Timmons, Ralph Norman, and Tom Rice, also voted against the bill. However, House Majority Whip Rep. Jim Clyburn, D-S.C., supported the bill.

Senate Approval and Presidential Signature

The bill was previously approved by the Senate in a party-line vote and is expected to be signed by President Joe Biden. Senators Lindsey Graham and Tim Scott, along with their Republican colleagues, voted against the bill.

Read More of this Story at www.aol.com – 2024-03-16 15:32:24

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