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.
* 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.