Democrats successfully push $740 billion Bill in Senate. Key points about tax, healthcare, climate package

Democrats have managed to push their much-talked about $740 billion Bill in Senate. The development comes months ahead of widely-anticipated mid-term Elections in the US. The bill supports the passage of Inflation Reduction Act.

Democrat Senators celebrated this historic legislative victory. The landmark tax, healthcare, and climate-focused package is a milder version of the Build Back Better attempt by the Democrats last year. It was passed in the Senate by 51-50, and Vice President Kamala Harris had the deciding vote.

The bill moves into the House, and people expect it to clear by this week's end. The signature and the sweeping deal provide a plethora of tax incentives for the following:

• Reduction of carbon emissions
• Opening up Medicare's door to negotiate the pricing of prescription drugs
• Provides subsidies under the Affordable Care Act for health insurance for three years
• Includes a cash infusion for IRS
• Puts a cap and the out-of-pocket spending for seniors for prescription drugs at $2,000/year.

The part about the climate is the most essential and massive environmental plan the U.S. has ever been prepared to take. During dry river basins, record-breaking heat, and devastating flooding, about $370 billion is kept aside to mitigate climate change.

The deal promises to reduce greenhouse gas pollution by 40% below 2005 by 2030. The new investment will bring America credibility on the world stage.

America has finally taken its step toward renewable energy transition.