US President Joe Biden signed the inflation reduction act into law
US President Joe Biden signed the inflation reduction act into law. This villain has a big climate change and health care package 6 to raise taxes mainly on the rich. The legislation includes the most substantial federal investment in history to fight climate change some 375 billion dollars over the decade and incentivizes Americans to shift to clean energy.
It provides incentives to clean energy sources such as wind and solar power the funds will be used to offer tax credits and rebates to both industries and consumers. Reports say that the Bill could reduce US carbon emissions by 40 percent and emissions from energy generation could go down by almost 80 percent spoke of the potential impact the bill would have.
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This bill is the biggest step forward on climate ever that’s going to allow it’s going to allow us to boldly take additional steps toward me all of my climate goals, the ones we set out, we ran It includes ensuring that we create clean energy opportunities in the front line and fence line communities that have been smothered by the legacy pollution and fighting environmental injustice that has been going on for so long.
Now democrats say the bill will also help lower inflation in the long term by reducing the federal budget deficit. This will be done by increasing taxes on corporations but explained this during his speech. We’re going to cut the deficit point out by another 300 billion dollars with the inflation reduction act over the next decade. We’re cutting deficits to fight inflation. By having the wealthy and big corporations finally began to pay part of their fair share.
Big corporations will now pay a minimum 15 percent tax instead of us. 5 55 of them got away with paying 0 dollars in federal income tax and 40 billion dollars in profit. Now, additional taxes will also be levied on wealthy individuals and emphasize that the common person who earns less than 400000 dollars a year would not pay more in taxes.
The inflation reduction bill will help Americans by reducing the price of prescription drugs. The bill also allows the US government health insurance program Medicare to negotiate lower drug prices for senior citizens by inside the inflation reduction act into law at the White House. He was accompanied by democratic leaders, including senator Joe’s mansion of West Virginia mansion had blocked additional measures the democrats wanted to pass on the bill and it could not move forward till he gave his support.
This is because the US Senate is evenly divided democrats and republicans voted on party lines the time the Senate was broken by vice president Kamala Harris casting the deciding vote after signing the AG Biden hadn’t mentioned the pen. He used to sign the bill to thank him for his.