On climate, drug prices, and corporate taxation, says JosephEStiglitz, the IRA 'represents a step forward.'
U.S. Senate Democrats’ compromise bill, the Inflation Reduction Act of 2022, addresses not just inflation but also several key longstanding problems facing our economy and society.
The IRA also would help address the rising health-care costs that have long plagued America, both by lowering Affordable Care Act premiums for millions of Americans and by capping out-of-pocket drug costs for those on Medicare. The pharmaceutical industry has received tens of billions of dollars more from Medicare payouts than it otherwise would, simply because the government is prohibited from negotiating for lower prices.
Russia’s invasion of Ukraine has reminded us why defense expenditures are necessary. But to preserve America’s competitiveness, we also must invest heavily in education, research, technology, and infrastructure. Here, the bill includes provisions that would raise more than $450 billion through a 15% minimum corporate tax, increased tax enforcement, and the introduction of a 1% excise tax on stock buybacks.
Like the climate measures, the U.S. minimum corporate tax is an important step in showing that we can be good global citizens.
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