Joe Biden to Sign Inflation Reduction Act Into Law

Today, Joe Biden will be signing the Inflation Reduction Act into law. This piece of legislation is a huge win for the Democrats and the administration ahead of the midterm elections this fall.

What Comes Next

In the following weeks, President Biden will be meeting with his Cabinet to discuss the process of implementing the Inflation Reduction Act. He will also be traveling the country giving speeches about how the act can help the American people.

There will be an event to celebrate the enactment of the bill at the White House on September 6.

What Does the Bill Accomplish?

This bill will accomplish many things that the Biden Administration has been pushing for. Here are some of the changes the bill is enacting:

  1. Gives Medicare the power to negotiate the prices of certain prescription drugs and extends expiring healthcare subsidies for 3 years.
  2. Will raise over $7oo billion in government revenue over the next 10 years and spend more than $430 billion to reduce carbon emissions and extend subsidies for health insurance under the Affordable Care Act
  3. The bill will be funded through new taxes which includes a 15% minimum tax on large corporations and 1% tax on stock buybacks.

The bill passed in the Senate after 16 hours of amendment votes and the House of Representatives passed the bill on Friday.

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