Biden Signs ‘Inflation Reduction Act’ Into Law

Contact Your Elected Officials
The Epoch Times Header

President Joe Biden on Tuesday signed the Democrat-backed “Inflation Reduction Act” into law amid decades-high inflation.

In a signing ceremony at the White House Tuesday, Biden asserted the bill will be one of the “most significant laws in our history” and claimed that the bill was a win for “democracy,” though it was not supported by any Republicans in either the House or Senate. To applause, Biden also said that people who make less than $400,000 per year will “not pay a penny more” in taxes.

He was joined by House Majority Whip Jim Clyburn (D-S.C.) and Senate Majority Leader Chuck Schumer (D-N.Y.). “It shows how dedicated and persistent our caucus is. I want to give all 50 of my colleagues … huge credit for getting this bill over the finish line,” Schumer said of Democrats in the Senate.

The bill will direct spending, tax credits, and loans to bolster technology such as solar panels as well as equipment to reduce pollution at coal- and gas-powered power plants.

Another $64 billion would help 13 million people pay premiums over the next three years for privately bought health insurance under the Affordable Care Act, known as Obamacare.

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.

Impact

Neither the White House nor top Democrats have said when the Inflation Reduction Act will begin to cut inflation.

The nonpartisan Congressional Budget Office concluded this month that the changes would have a “negligible” impact on inflation this year and next. Meanwhile, the University of Pennsylvania’s Penn Wharton Budget Model concluded that, over the next decade, “the impact on inflation is statistically indistinguishable from zero.”

By Jack Phillips

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Science Has Finally Come For Transgenderism

British biologist Richard Dawkins said “trans women are men,” calling transgender ideology a movement that undermines biological truth.

Trump is Coming for Antifa

Liberals say there is no organization called “Antifa”. Conservatives say Antifa is real and we now know how it is funded. What should we believe?

The Pentagon vs. the Free Press (or What’s Left of It)

Reporting what the government would rather not have reported is not just an essential function but a duty of a free press in a representative system.

Truth & Treason

World War II has long served as a compelling...

Is an American confusing England for Britain a problem?

The difficulty is when Americans try to engage with British politics, where they keep saying "England" rather than "Britain."

Artillery Fire at Vance’s Marine Corps Celebration Sparks Friction With Newsom

Marine officials said firing artillery at Camp Pendleton is routine and disrupting traffic on I-5 is unnecessary, but Newsom closed portions of I-5 anyway.

FBI Director Says Hunting Stand Found Near Trump’s Air Force One Exit Area

FBI Dir. Kash Patel and the Secret Service found a hunting stand overlooking an Air Force One exit area near Palm Beach Airport before Trump’s arrival.

Transgender Identification Losing Ground Among Young Americans, Report Says

A newly released report suggests transgender identification among Generation Z in America has lost momentum after peaking in 2023.

US Warns Hamas Planning Attack on Palestinian Civilians in Apparent Violation of Gaza Cease-Fire

The U.S. State Dept said it has “credible reports” that the Hamas terrorist group could violate the cease-fire with an attack on Palestinian civilians in Gaza.

Army Corps of Engineers to Pause $11 Billion in Projects During Shutdown: Vought

Russ Vought, director of the White House’s OMB, has added to the growing pile of federal projects paused during the government shutdown.

Trump Signs Executive Order Putting New Restrictions on Federal Hiring

Trump signed an executive order directing federal agencies to restrict hiring, with exceptions for immigration, security, and political appointees.

Trump Says He Has Authorized Covert CIA Operations in Venezuela

President Trump authorized covert CIA operations in Venezuela, expanding U.S. assets there to increase pressure on President Nicolás Maduro’s regime.

Trump Posthumously Awards Charlie Kirk the Presidential Medal of Freedom

President Trump posthumously awarded Charlie Kirk the Presidential Medal of Freedom in the White House Rose Garden on Oct 14, Charlie's birthday.
spot_img

Related Articles

Popular Categories

MAGA Business Central