ON THE HILL: Maryland Sen. Chris Van Hollen discusses Inflation Reduction Act
In case you missed it Sunday morning, FOX 5's "On the Hill" program hosted Maryland Senator Chris Van Hollen from Capitol Hill to talk about Senate negotiations over the Inflation Reduction Act.
The $740 billion package, which was passed on Sunday afternoon, meets democrats goals of slowing global warming, moderating pharmaceutical costs and taxing immense corporations.
Ahead of the passage of the bill, Senator Van Hollen explained to "On the Hill" what the bill aims to do.
Sen. Van Hollen says the bill accomplishes several big goals.
"It will cut the cost of prescription drugs, it will also deploy clean energy more quickly and save homeowners costs on things like their heating bills and their cooling bills, and it will also reduce the deficit and, in doing so, will put downward pressure on inflation. So it's a major step forward for the country," Sen. Van Hollen tells FOX 5.
Sen. Van Hollen also responded to republican criticism that the extra spending caused by the bill could be reckless, and that raising taxes during a possible recession could spell even more trouble for the economy.
Van Hollen responded that the bill's increased taxes are focused on targeting the biggest corporations, who according to Van Hollen are not fairly paying income taxes.
"What it does is provide a 15-percent tax for corporations that are making over $1 billion every year. About 50 of those biggest corporation in the United States paid zero income taxes in recent years. And that's simply not fair. So this bill would make sure they pay their fair share," Sen. Van Hollen explained to FOX 5.
He went on to say that the funds collected from those taxes will be used to more quickly deploy clean energy alternatives, create more jobs, and allow Medicare to cut prescription drug prices.
Sen. Van Hollen then spoke about how the bill plans to cut down on inflation
"This bill reduces the deficit," explained Sen. Van Hollen. "I want to be clear, I'm not suggesting this is going to drive away inflation overnight. What I'm saying this will reduce price pressures over a period of time as the Federal Reserve also enacts its policies."
This bill will head to the U.S. House of Representatives next, where it is expected to pass.
You watch the FULL interview above.
Make sure to tune into "On The Hill" every Sunday morning on FOX 5, starting at 8:30 a.m.