The Inflation Reduction Act should primarily assist African American families.
It includes strengthening critical provisions of the Affordable Care Act, providing Medicare with authority to negotiate certain prescription drug costs, and administration officials anticipate it will create jobs with family-sustaining wages.Biden said new taxes would pay for the bill, including a 15% minimum tax on large corporations and a 1% tax on stock buyback.
“We have crossed a major threshold, and it’s going to have significant impacts on international climate action,” said Gore, long a crusader of environmental justice and a Nobel Prize winner for climate activism.According to a study published by the Federal Reserve Bank of MinneapolisResearchers concluded that if prices paid by white households increase by 7 percent over a year, calculations suggest that one may expect them to increase by 7.5 percent for Black families.
With gas, food, and other prices rising, the authors concluded that necessities such as groceries, electricity, and wireless phone service make up a larger share of Black families’ budgets. “Black families, especially those without an employed college graduate, are affected the most by inflation compared with all the other demographics,” said Ellie Walters, the CEO of Findpeoplefaster.com.
“A large number of Black families live paycheck to paycheck and cannot easily escape the constantly increasing wealth gap between them and the other demographics, especially the white,” Walters remarked.
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