President Biden to Sign ‘Inflation Reduction Act’ Into Law

Later this afternoon at the White House, President Biden is expected to sign the ‘Inflation Reduction Act’ into law. The $750 billion health care, tax and climate bill represents the largest climate investment in American history and will make changes to health policy by giving Medicare the power to negotiate the prices of certain prescription drugs while extending expiring health care subsidies for three years. The legislation will reduce the deficit and be paid for through new taxes including a 15% minimum tax on large corporations and a 1% tax on stock buybacks. It will raise over $700 billion in government revenue over 10 years and spend $430 billion to reduce carbon emissions and extend subsidies for health insurance under the Affordable Care Act. The rest will be used to reduce the deficit.