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)_/¯

Between the lines: Biden has emphasized that the bill will help lower the deficit and drive down inflation, though economic models suggest it will affect overall inflation only a little.