House Democrats send Biden $700 billion tax, climate and healthcare bill – The Nevada Independent

ByLance T. Lee

Aug 13, 2022

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The House passed the Democrats’ sweeping tax, climate and health care package Friday in a party-line vote, keeping pandemic-era bonus subsidies for another three years for more than 90,000 Nevadans. once President Joe Biden signs the legislation.

Health insurance premium subsidies enacted in the 2021 US bailout, which expanded eligibility for subsidies under the Affordable Care Act (ACA) of 2010, were due to expire at the end of the year. . But the 91,322 Nevadans who signed up for the grants will continue to receive them, according to data compiled by the Democratic-aligned advocacy group. Protect our care. A record 101,411 Nevada residents enrolled in an ACA market plan in 2021.

Democrats’ over $700 billion agenda bill passed to a 220-207 party line, using the reconciliation budget process, which allowed Senate Democrats to avoid a filibuster of the GOP and pass the legislation by a simple majority. The upper house passed the package on Sunday 51 to 50, with Vice President Kamala Harris voting in the event of a decisive tie.

Like the Senate on Sunday, no Republicans voted for the measure, including Rep. Mark Amodei (R-NV), the only GOP member of the state’s congressional delegation.

In a statement before the final vote, Amodei argued that the last thing the economy needs is more federal spending. He pointed out that inflation had reached a 40-year high in Juneeven though he moderate in July.

“The sad truth is that our country is in the middle of a recession, and this bill will only make our country’s economic problems worse,” Amodei said.

The package generates about $737 billion in revenue over a decade and spends $437 billion on climate change policies, extending ACA premium subsidies for three years and providing drought relief to states Westerners. The remaining approximately $300 billion is devoted to deficit reduction, including more than $100 billion for cracking down on tax evasion.

State House Congressional Democrats all touted the measure’s passage, including Rep. Dina Titus (D-NV), who pushed back against GOP rhetoric suggesting the economy is in a recession.

“In Nevada, we have not only recovered all of the jobs lost during the economic downturn, but we have record employment,” Titus said in a statement. “That’s not what a recession looks like.”

Economic recessions typically high unemployment rate and two consecutive quarters of negative economic growth. The national unemployment rate was 3.5% in July. Nevada posted a 4.7% unemployment rate in June, the 49th highest of any state and the District of Columbia. At the height of the pandemic, in April 2020, Nevada recorded its highest ever unemployment rate of 28.2%.

Beneficiaries of health insurance benefit

The bill includes several provisions for those who benefit from Medicare, the federal health care program for people over 65. There are more than 560,000 Medicare beneficiaries in the Silver State, according to the Medicare and Medicaid Service Centers (CMS). But most of the benefits are felt over the next few years.

The measure includes language capping insulin copayments at $35 per month starting next year, which would benefit 22,235 Nevada Medicare enrollees.

From 2023, pharmaceutical companies that raise prices more than the rate of inflation would be required to pay a rebate under the legislation.

And an annual cap of $2,000 on disbursements for Medicare Part D enrollees doesn’t begin until 2025. According to Protect Our Care, 11,515 Medicare Part D enrollees in Nevada had disbursements exceeding $2,000 in 2021.

Medicare Part D helps beneficiaries pay for prescription drugs by allowing beneficiaries to purchase drugs through private insurance plans that they can join.

A provision allowing Medicare to negotiate with drugmakers on the prices of 10 specific prescription drugs would not begin until 2026. The following year, in 2027, Medicare could negotiate the prices of 15 drugs, followed by 20 drugs in 2029. By 2030, at least 80 drugs would be eligible for price negotiation, helping Nevada’s 412,408 on Medicare Part D.

Climatic provisions

The bill includes $4 billion for drought mitigation, prioritizing states bordering the Colorado River.

The funds could be used to build erosion control structures for the Las Vegas Wash, a 12-mile canal that connects the Las Vegas Valley to Lake Mead, the area’s main source of drinking water.

Rep. Susie Lee (D-NV) introduced a bill last month authorizing $25 million for the project, which all Democrats in the state Congress support.

Rep. Steven Horsford (D-NV) requested $6 million for the project through an appropriation.

The funds could also be used for other drought mitigation measures, including one introduced by Lee to provide an additional $700 million to the competitive large-scale water recycling grant program. Lee’s bill would also make the program permanent. Established by the Infrastructure Investment and Jobs Act passed in November, the law authorized $400 million for the program, which would expire in five years.

Another $370 billion would go to climate change, including tax credits for home energy efficiency. The bill also provides tax credits for renewable energy, such as solar power, which was due to expire in 2024.

The solar industry employed more than 7,000 people in the first quarter of 2022, according to the Solar Energy Industries Association (ESIA).

Bill could create more jobs nationwide by encouraging long-term investment, says SEIA president Abigail Ross Hopper in one version.

Tax provisions

Prescription drug pricing reform is expected to yield about $265 billion over 10 years. The bill also includes a list of tax provisions, including a minimum corporate tax of 15% for companies making more than $1 billion in profits a year and a two-year extension of loss limits for corporations. intermediaries used to reduce taxable income. These would bring in $222 billion and $52 billion, respectively.

A 1% excise tax on stock buybacks is expected to generate $74 billion over 10 years.

The bill would also provide the Internal Revenue Service (IRS) nearly $80 billion over 10 years to strengthen taxpayer services and tax code enforcement. The provision is expected to bring in more than $100 billion.

Collection

Members of the delegation were back in Nevada for most of the week for the August recess, although House members returned to Washington to vote on the Democratic agenda bill.

Titus met with Environmental Protection Agency (EPA) Administrator Michael Regan Thursday in Las Vegas for a panel discussion on the impact of extreme heat on the workforce in the Southwest. The discussion focused on a 2019 report from the Desert Research Institute and Nevada State College which found that Las Vegas had seen an increase in annual intense heat events, from an average of 3.3 events per year to 2007 to 2009 to 4.7 per year between 2010 and 2016.

Lee and Sen. Jacky Rosen (D-NV) hosted an event Thursday in Las Vegas on their bill to address Nevada’s doctor shortage. The measure would overhaul the graduate medical training process to give medical residency programs in areas with doctor shortages a greater chance of securing available residency slots after hospitals elsewhere in the country close. Nevada ranks 48th in the nation in the number of primary care physicians per capita.

Horsford hosted a “housing resource fair” in Las Vegas on Thursday with Clark County Commissioner William McCurdy to help people get information and help with affordable housing.

Finally, the US Department of Transportation has selected two Nevada projects to receive nearly $50 million under the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) grant program. Sen. Catherine Cortez Masto (D-NV) announced the funding Wednesday. The Victory project in Fernley will receive $25 million to complete the Nevada Pacific Parkway connection from Interstate 80 to Highway 50.

The complete streets of Stewart Avenue in Las Vegas received $23.9 million in RAISE grant funds. The project includes installing a two-way bike lane, widening the sidewalk and Americans with Disabilities Act accessibility, improving lighting, improving bus stops and l ‘landscaping.

For a full look at the measures delegates supported or opposed this week, see The Nevada IndependentCongressional vote tracking and other information below.

REPRESENTING. SUSIE LEE

Co-sponsored legislation:

HR 8692 – Amend Title XVIII of the Social Security Act to improve the redistribution of residency slots under the Medicare program after a hospital closes.


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