President Joe Biden arrived at the White House promising to “build back” America, and legislation he’s signing Tuesday delivers a slimmer, though not insignificant, version of that once sweeping idea.
House Speaker Nancy Pelosi of Calif., finishes the vote to approve the Inflation Reduction Act in the House chamber at the Capitol in Washington, Aug. 12, 2022.
Not as robust as Biden’s initial ideas to rebuild America’s public infrastructure and family support systems, here’s what’s in the estimated $740 billion package — made up of $440 billion in new spending and $300 billion toward easing deficits.Launching a long-sought goal, the bill would allow the Medicare program to negotiate some prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.
Under earlier pandemic relief, the extra help was set to expire this year. But the bill would allow the assistance to keep going for three more years, lowering insurance premiums for some 13 million people who are purchasing their own health care policies through the Affordable Care Act.
The bill also gives tax credits for nuclear power and carbon capture technology that oil companies such as Exxon Mobil have invested millions of dollars to advance. The new corporate minimum tax would kick in after the 2022 tax year and raise more than $258 billion over the decade.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inflation Reduction Act will cost middle class $20B in new taxes: CBOAn analysis by the CBO estimates those earning less than $400,000 will pay an estimated $20 billion more in taxes over the next decade as a result of the Democrats’-pushed $740 billion packag…
Read more »
What's in big Biden bill? Health, climate goals become lawPresident Joe Biden arrived at the White House promising to “build back” America, and on Tuesday he's signing into law legislation with a slimmer version of that idea.
Read more »
Inflation Reduction Act: Biden to sign massive climate and health care billPresident Joe Biden is preparing to sign Democrats’ landmark climate change and health care bill, which includes the most substantial federal investment in history to fight climate change. FOX13
Read more »
Joe Biden to Sign Massive Legislation on Climate Change and Health CarePresident Biden will sign Democrats’ landmark climate change and health care bill on Tuesday, delivering what he has called the “final piece” of his pared-down domestic agenda, as he aims to boost his party’s standing with voters before midterm elections.
Read more »
Biden to sign massive climate and health care legislationPresident Joe Biden will sign Democrats’ landmark climate change and health care bill on Tuesday, delivering what he has called the “final piece” of his pared-down domestic agenda.
Read more »
PolitiFact - The Democrats’ big IRA bill fulfills some Biden promises, leaves others behindPresident Biden is signing the Inflation Reduction Act into law. It delivers on his campaign agenda regarding climate change and Medicare, but falls short on promises he made about childcare, pre-school and family/medical leave.
Read more »