Inflation Reduction Act Will Help \\”Steady Growth\\” for Economy?

In a series of Tweets, Joe Biden is promoting “The Inflation Reduction Act of 2022.”

Biden says this piece of legislation will “lower health care costs for millions of Americans. And, for the first time in a long time, make the largest corporations pay their fair share without any new taxes on people making under $400,000 a year.”

He further asserted this act would be “the most important investment America has ever made in our energy security and developing clean energy solutions for the future.”

He further opined, “to make the transition to stable growth is for Congress to pass the Inflation Reduction Act.”

He is receiving criticism as well as support for his support of the new legislation.

White House Deputy Press Secretary says the act will fight inflation.

Chuck Schumer (D-NY) says the act will close tax loopholes for the rich.

One Twitter user said there would be $800 billion in new spending should it pass.

Another critic says the bill would do the opposite of its name.

More Articles by the Wealth of Geeks Network:

Featured Image Credit: Shutterstock.

As a certified credit counselor, Max Marvelous has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.