General

According to US media reports, on the 7th local time, the US Senate passed the inflation reduction bill.

The roughly $740 billion bill would reportedly increase taxes on large corporations, fight climate change, lower the cost of prescription drugs, and reduce the fiscal deficit.

The voting started on the 6th and continued until the afternoon of the 7th. After a long legislative process, US Vice President Harris cast a decisive vote, breaking the 50:50 deadlock and allowing the bill to be passed.

According to reports, the bill levies a minimum corporate tax of 15% on companies with profits of more than $1 billion, and increases taxes on large companies to reduce deficits; the bill also includes investing nearly $400 billion in climate change issues and extending health care subsidies and so on.

The U.S. House of Representatives is expected to meet this weekend to vote on the bill, and if passed, it will be sent to the White House for signature by the U.S. president.