Washington — President Biden signed theInflation Control Act into law at the White House. has been changed. On Tuesday, we finalized groundbreaking legislation aimed at fighting climate change, cutting healthcare costs and increasing taxes on businesses.
Last week, after Democratic Senator Joe Manchin and Senate Majority Leader Chuck Schumer reached an accord after months of negotiations, the House and Senate announced that passed the bill in line with the policy of The bill had taken months to pass, and it looked unlikely it would be an election year.
"It was one of his few truly historic days in the 30 years I spent in Congress," Democratic Rep. Jim Cliburn said of Biden. Speaking alongside him, he praised the president's legislative achievements.
The President is signing the bill after returning from vacation in South Carolina. First Lady Jill Bidenwill remain in South Carolina after her positive COVID-19 test on Tuesday, although the president said the test was negative. , returned to Washington.
The Reducing Inflation Act provides approximately $400 billion to fund energy and climate projects aimed at reducing carbon emissions by 40% by 2030. This is the most important investment in combating climate change to date. It also limits out-of-pocket costs for seniors with Medicare to $2,000 annually and allows Medicare to negotiate prescription drug prices with pharmaceutical companies. The law also sets a minimum corporate tax rate of 15% for most large corporations and provides the IRS with $80 billion in funding that will allow the IRS to employ thousands of agents and replace decades-old taxpayers. You can renovate your technical system.
In the coming weeks, the White House said the president will travel across the country to clarify how the bill will help Americans. We will be hosting an event on September 6th to celebrate the enactment of the bill.
"This historic bill will lower America's home energy, prescription drug and other health care costs, fight the climate crisis, cut deficits and give big corporations their fair share of taxes."
Despite its name, the bill will cause inflation } not yet known. Penn Wharton's model says the bill would have no measurable impact on inflation, and the Congressional Budget Office said it would have a "negligible" impact on inflation this year. Still, the White House pointed to a letter in favor of the bill signed by more than 120 economists, saying the bill would "cut the government's budget deficit by an estimated $300 billion over the next decade."
Democrats hope passage of the bill will boost their outlook ahead of this fall's midterm elections. Yes. Republicans uniformly opposed to the bill say it does not fight inflation.
