Biden signs Inflation Reduction Act into law
International Business News – On August 16, Eastern Standard Time, President Biden signed the Inflation Reduction Act into law – lowering household costs, addressing the climate crisis, reducing the deficit and allowing large corporations to finally pay their fair share.
The Inflation Reduction Act is the largest investment in climate and clean energy in U.S. history. The bill would
– Lower energy costs for households
– Create good jobs
– Improve our energy security
– Advance environmental justice
– Lower prescription drug, health care and energy costs
– Build a clean energy economy
– Reduce the deficit
And it’s paid for in full by ensuring the wealthy pay their fair share.
The Inflation Reduction Act would reduce greenhouse gas emissions by about one billion tons in 2030, which is ten times more than any climate bill ever enacted.
The Inflation Reduction Act would allow the United States to meet the climate goals set by President Biden – and would save households using clean energy and electric vehicle tax credits more than $1,000 per year.
The Inflation Reduction Act would make historic investments in affordable health care – lowering the cost of prescription drugs by allowing Medicare to negotiate prices, limiting out-of-pocket maximum costs for seniors to $2,000 per year, reducing premiums for 13 million Americans, and more.