Biden Signs Inflation Reduction Act Into Law

Joe Biden signed the Inflation Reduction Act into law earlier this week in what was yet another legislative accomplishment by the president and the Democratic Party. The bill passed the US Senate earlier this month with Kamala Harris casting the tie-breaking vote before passing the House by another slim 220 to 207 margin and eventually getting to Biden's desk. The package will cost around $430 billion but is expected to reduce the deficit by over $300 billion and raise $737 billion in revenue over ten years. The new law includes a $369 billion investment for climate and energy policies and $64 billion for extending the Affordable Care Act and reducing health insurance costs. There is also a 15% corporate minimum tax being instituted for large companies and a 1% tax on stock buybacks. Finally, the bill will reduce drug prices for Medicare recipients and cap their out-of-pocket yearly costs at $2,000. Although the legislation doesn't go nearly as far as the original Build Back Better plan, this is still a major win for Democrats who need to make the case to voters to reelect them in November.

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