Democrats in the Senate voted along party lines on Sunday to pass the so-called “Inflation Reduction Act.”
The bill was brought to a vote after an all-night floor session that began at around 11:30 pm ET Saturday night in a process known as a “vote-a-rama.” Debates on amendments lasted all night and into Sunday afternoon, when the bill was put up for a final vote at around 3:00 pm ET on Sunday. All fifty Democrats voted for the bill, while all 50 Republicans voted against it. Vice President Kamala Harris broke the tie vote.
Republicans forced votes on several last-minute amendments on Sunday. First, they successfully cut out a portion of the bill that placed a $35 cap on insulin prices in the private insurance market.
Then, House Minority Whip John Thune (R-SD) introduced an amendment to create exemptions for the 15% corporate minimum tax established by the bill.
According to Politico, the amendment exempted businesses owned by private equity, and paid for the lost revenue by extending the cap on State and Local Tax deductions for one year. It was supported by Sen. Kyrsten Sinema (D-AZ), but caused a stir because it would cause electoral problems for House Democrats in coastal districts who campaigned on ending the SALT cap. Senator Mark Warner (D-VA) replaced the SALT cap extension with an amendment to extend existing limitations on how certain businesses can write off their losses for another two years, Politico reported.
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Source: Dailywire
