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Biden Set To Sign The Inflation Reduction Act

inflationreductionact aug16 lt

President Joe Biden is set to sign the sweeping $739 billion Inflation Reduction Act into law on Tuesday.

Biden will deliver remarks ahead of the signing ceremony to be held in the State Dining Room at 3:30 PM ET.

The long fought political battle between the Republican and Democratic lawmakers on the provisions of the key legislation finally culminated in members of both chambers of the Congress voting along party lines and Vice President Kamala Harris breaking a tie in the Senate to ensure passage of the Bill.

The Inflation Reduction Act of 2022 is projected to cut the deficit by about $100 billion over the next decade, help lower the cost of health care, combat the climate crisis and ensure that the biggest corporations and the wealthiest few pay their fair share of taxes.

Today, Americans pay two to three times what citizens of other countries pay for prescription drugs. 5-7 million Medicare beneficiaries could see their prescription drug costs go down because of the provision allowing Medicare to negotiate prescription drug costs.

Medicare beneficiaries with diabetes will benefit from a guarantee that their insulin costs are capped at $35 for a month's supply.

13 million people are estimated to save an average of $800 per year on health insurance premiums.

Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.

Families who buy heat pumps or other energy efficient home appliances will get $14,000 in direct consumer rebates.

Families that install solar on their roofs will be eligible for a 30 percent tax credit.

The Inflation Reduction Act will impose a 15 percent minimum tax on corporate profits on the largest, most profitable corporations in the U.S.

The bill does not include tax increase for families making less than $400,000.

More than 100 leading economists, including Nobel Laureates and former Treasury Secretaries, have said reducing the deficit will help fight inflation and support strong, stable economic growth.

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