Political pulse: Axne and Nunn on Inflation Reduction Act
Welcome to our new political pulse column, where we take a look at timely issues leading up to November's Midterm election.
Today's topic: The Inflation Reduction Act, recently signed by President Joe Biden.
State of play: The Democrat-backed $740 billion package includes provisions that increase taxes on large corporations, addresses climate change and lowers prescription drug costs and caps insulin prices.
- It also allows the IRS to hire 87,000 new employees, which they say is needed because of upcoming retirements.
Driving the news: Democratic U.S. Rep. Cindy Axne and Republican Iowa Sen. Zach Nunn spoke at length about the package during their soapbox speeches at the Iowa State Fair.
✋ Where they differed:
- Axne voted for the bill, saying it forces corporations earning over $1 billion to pay their "fair share," the Register reports. She also said the new IRS workers will help collect overlooked taxes.
- Meanwhile, Nunn said it will actually hurt small business owners, especially if they have to deal with IRS audits, the Iowa Capital Dispatch reports. Nunn said it's unnecessary government spending.
🤝 Where they were the same: ¯\_(ツ)_/¯
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