President Joe Biden signed a $430 billion bill on Tuesday that is seen as the biggest climate package in US history.
The text is designed to reduce domestic greenhouse gas emissions, as well as lowering prescription drug prices.
At an event at the White House, Biden joined Democratic leaders, including Senator Joe Manchin of West Virginia, whose support was crucial in passing the Inflation Reduction Act along party lines after he initially opposed an similar measure.
“Joe, we never had any doubts,” Biden said of Manchin.
The bill – called the Inflation Reduction Law – would represent the largest climate investment in US history and make major changes in health policy, giving the Medicare the power, for the first time, to negotiate the prices of certain prescription drugs and to extend expired health care subsidies by three years.
The legislation would reduce the deficit, be paid through new taxes – including a 15% minimum tax on large corporations and a 1% tax on share buybacks – and increase the IRS’s collection capacity.
It would also raise more than $700 billion in government revenue over 10 years and spend more than $430 billion to reduce carbon emissions, as well as extend subsidies for health insurance under the Affordable Care Act and use the rest of the new revenue. to reduce the deficit.
Source: CNN Brasil
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