MercoPress. South Atlantic News Agency

US: Biden signs Inflation Reduction Act into law

“This bill is the biggest step forward on climate ever, ever,” Biden said

US President Joseph Biden Tuesday signed into law his Inflation Reduction Act concerning growing prices inflation, climate change, and other targets, which. He said it was one of the ”most significant laws in our history.

The Inflation Reduction Act passed the Senate by 51 votes to 50 and the House by 220 to 207. It was a major legislative achievement for Democrats ahead of the November midterm elections.

The head of state will travel the country in the next few explaining the benefits of his initiative which was approved amid escalating prices due to the pandemic and the war in Ukraine. The project seeks to guarantee “equity” among citizens, after the harsh economic consequences of the sanitary collapse of 2020.

“With this law, the American people won and the special interests lost,” Biden said Tuesday before he signed the legislation into law at a White House ceremony. “Today offers proof that the soul of America is vibrant, the picture of America is bright and the promise of America is real and just beginning,” Biden said.

“It's not just about today, it's about tomorrow. It's about bringing progress and prosperity to American families, about showing Americans that democracy still works in America, despite all the talk of its demise,” Biden said.

The president appeared with a mask and only took it off to speak, after this Tuesday his wife tested positive for COVID-19.

The Inflation Reduction Act will also fund new investments focused on boosting green energy and reducing polluting gas emissions. It will be the largest US public investment against the climate crisis. It is expected to cut polluting emissions by 40% by 2030.

The US$ 740 billion IRA is the United States' largest-ever investment in climate and energy programs and would be paid for with a minimum tax of 15% on companies with profits of more than US$ 1 billion. “I'm keeping my campaign promise. No one earning less than $400,000 a year will pay a penny more in federal taxes,” Biden said. “We're cutting the deficit to fight inflation by having the wealthy and big corporations finally begin to pay part of their fair share.”

“This bill is the biggest step forward on climate ever, ever,” Biden said. “The IRA invests $369 billion to take the most aggressive action ever, ever, ever in confronting the climate crisis and strengthening our energy security.”

“The Inflation Reduction Act locks in place lower health care premiums for millions of families who get their coverage from the Affordable Care Act,” Biden said. It will allow Medicare, a health coverage program for people over 65, to negotiate prescription drug prices, which the White House hopes to reduce as part of the plan against inflation. Medicare beneficiaries with diabetes will see their insulin costs capped at US$ 35 a month and homeowners can earn up to US$ 14,000 in tax rebates by purchasing energy-efficient home appliances, and US$ 7,500 in tax credits for buying new electric vehicles.

“This historic bill will lower the cost of energy, prescription drugs, and other healthcare for American families, combat the climate crisis, reduce the deficit, and make the largest corporations pay their fair share of taxes,” the White House said in a statement.

“We are in a season of substance,” Biden said. “Today offers further proof that the soul of America is vibrant, the future of America is bright, and the promise of America is real and just beginning.”