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Inflation Reduction Act 2022: President Biden signs massive climate and health care legislation

Joe Biden
Posted at 6:00 AM, Aug 16, 2022
and last updated 2022-08-16 16:32:35-04

The Inflation Reduction Act was signed into law by President Joe Biden on Tuesday, marking a major legislative accomplishment for the administration.

The landmark health care and climate bill passed in the House Friday on a party-line 220-207 vote will provide $750 billion to tackle climate change, health care, and energy.

A White House statement said, “In the coming weeks, the President will host a Cabinet meeting focused on implementing the Inflation Reduction Act, will travel across the country to highlight how the bill will help the American people, and will host an event to celebrate the enactment of the bill at the White House on September 6."

The bill was a big win for Biden and the Democrats. It will provide Congress with its most significant investment in curbing carbon emissions, about $375 billion over 10 years. The bill's success comes as the White House marks some major legislative accomplishments the president set out to do, including boosting semiconductor production, increasing benefits for veterans made ill after exposure to toxic burn pits in Afghanistan and Iraq and other legislation related to gun control, CNN reported.

It'll also give medicare the power to help lower prescription costs for seniors possibly.

The bill will cap Medicare beneficiaries' out-of-pocket prescription costs to $2,000 starting in 2025. Over the next three years, it'll also help around 13 million Americans pay premiums for privately bought health insurance.

The measure is being paid for in part by new taxes on large companies, the Associated Press reported.

The legislation also includes tax credits for electric vehicles, solar panels, and energy-efficient windows.