President Biden Signs the Inflation Reduction Act into Law: What Does This Means For You

Veronica Charnell Media
Photo Courtesy of ABC News/Inflation Reduction ActABC News

President Biden Signs a piece of History into Law

President Biden has signed the Inflation Reduction Act into law at the White House on Tuesday afternoon, finalizing a landmark piece in United States History. It is aimed at fighting climate change, lowering health care costs, and raising taxes on corporations. The House and Senate passed the bill last week after Senator Joe Manchin and Senate Majority Leader Chuck Schumer struck a deal after several months of negotiations.

The bill's passage comes after months of intense debates, and there were times it appeared unlikely with a 50-50 Senate and midterm elections quickly approaching.

It fulfills long-held Democratic goals of lowering prescription drug costs, investing in transitions to clean energy, and reforming the nation's tax code.

At a glance, millions of Americans will benefit from this bill in the following areas.

* Lower health care and prescription drug costs

* Lower energy costs

* Reduce the federal deficit

* Take aggressive action to combat climate change

* Make corporations pay their fair share in taxes

The new law provides $369 billion to fund energy and climate projects aimed at reducing carbon emissions by 40% in 2030, the most significant investment to fight climate change ever. It will also limit out-of-pocket drug expenses for seniors on Medicare to $2,000 annually, and allow Medicare to negotiate with drugmakers on prescription prices. It was also provides $80 billion in funding to the IRS, allowing the agency to hire thousands of agents and upgrade decades-old software systems.

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