Biden Signed Inflation Reduction Act
- Capitol Times
- Aug 17, 2022
- 1 min read
The Democrat-backed "Inflation Reduction Act" was signed into law by President Biden on Tuesday.
At the White House signing ceremony Tuesday, Biden claimed that the bill was a victory for "democracy" and that it would be one of the "most significant laws in our history." However, neither the House nor the Senate were Republican-controlled.
In addition, Biden announced that people who make less than $400,000 per year would "not pay a penny more" in taxes.
Solar panels and equipment to reduce emissions from coal-powered and gas-powered power plants will be bolstered through subsidies, tax credits, and loans by the bill.
During the next three years, the Affordable Care Act will provide $64 billion in assistance to 13 million people in paying their health insurance premiums.
Medicare would also gain the power to negotiate costs for pharmaceuticals, initially in 2026 for only 10 drugs. Medicare beneficiaries’ out-of-pocket prescription costs would be limited to $2,000 annually starting in 2025, and beginning next year would pay no more than $35 monthly for insulin, the diabetes drug.
17 August 2022
