>> Frederica: The $437 billion spending bill includes
a more than $370 billion investment in energy
and climate reform.
It includes 60 billion for renewable energy infrastructure
and also a consumer tax credit for electric vehicles.
On the healthcare side, the bill includes allowing the Feds
to negotiate prescription drug prices for Medicare
and extend subsidies for Affordable Care Act health plans.
And the measure creates a 15% minimum tax for corporations
making $1 billion or more in income
bringing in more than $300 billion in revenue.
One new one part of the bill getting noticed from folks
who might be in the market for clean cars,
a new $7,500 tax credit for new electric vehicles
and a $4,000 credit for used electric vehicles.
>> The Inflation Reduction Act will lower energy cost
for consumers and help us meet our long-term emissions goals
to combat climate change.
>> Frederica: Fresh off voting for the measure,
Wisconsin U.S. Senator Tammy Baldwin
toured a Madison company building out
electric charging stations with the local utility.
>> Transportation is the leading contributor
to greenhouse gas emissions in the United States.
Advancing electric transportation powered by an increasingly
cleaner electric grid is key to creating
a more sustainable future locally and globally.
>> Frederica: For her part, Baldwin heralds
the congressional legislation.
>> The Inflation Reduction Act makes the biggest investment
in combating climate change that we've ever made
in the United States.
>> I mean, they're doing things for-
>> Frederica: U.S. Senator Ron Johnson
was among all the Republicans who voted against the measure
and among other things released a statement
calling its title a misnomer saying quote,
the Orwellian named Inflation Reduction Act
will do no such thing.
This is a green energy fantasy that will more likely
drive the cost of energy up rather than down.