U.S. President to sign Inflation Reduction Act into law

U.S. President Joe Biden

Washington, The Gulf Observer: U.S. President Biden will sign a sweeping $750 billion health care, tax and climate bill into law at the White House on Tuesday, marking a major victory for his administration and the Democratic Party ahead of the midterm elections.

Tuesday’s ceremony in the State Dining Room is just one of many events that will follow focused on the roll out of the new law, according to the White House.

“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,” a White House statement said.

The Inflation Reduction Act accomplishes several key Biden legislative agenda items, representing the largest climate investment in American history and making major changes to health policy by giving Medicare the power for the first time to negotiate the prices of certain prescription drugs and extending expiring health care subsidies for three years.

The legislation will reduce the deficit, be paid for through new taxes, including a 15% minimum tax on large corporations and a 1% tax on stock buybacks, and boost the Internal Revenue Service’s ability to collect.

It will raise over $700 billion in government revenue over 10 years and spend over $430 billion to reduce carbon emissions and extend subsidies for health insurance under the Affordable Care Act and use the rest of the new revenue to reduce the deficit.

Senate Democrats had long hoped to pass a signature legislative package that would incorporate major agenda items for the party, but struggled for months to reach a deal that gained full support of their caucus.