The Inflation Reduction Bill received the backing of law when it was passed by the Senate and received the signature of President Joseph Biden on the 16th of August. The Bill was passed as it is without any change introduced to it.
The IRA or the Inflation Reduction Act includes provisions regarding taxes, climate, as well as healthcare. The Bill became an Act with Vice President Kamala Harris casting her vote that acted as a tie-breaker. It was then passed on a 50-51 basis, where 50 votes were against and 51 votes were for the bill becoming an Act.
I was interviewed on the Peruvian TV program GEOMUNDO by @fbelmat on the Inflation Reduction Act signed by @POTUS on 8/16. It is a law to be welcomed and congratulated for its focus on climate change and clean energy. See interview in Spanish here 👉🏼 https://t.co/OnkDP0EHfK pic.twitter.com/rVruclq9Zx— Manuel Pulgar Vidal (@manupulgarvidal) August 25, 2022
The Inflation Reduction Act is a part of the democratic plan led by the 46th President of the United States, Mr. Biden. IRA forms a big part of Biden’s economic agenda which was expected to win hearts before the upcoming elections.
This new piece of legislation will be one of a kind as it increases corporate taxes and introduces a few taxes that had been long discontinued, like the crude oil tax. The taxes are to help in revenue generation.
Not just revenue generation, the Act is scheduled to make investments of over $400 Billion for climate preservation purposes. The Act has made commendable tax credits to initiatives taken for clean energy purposes.
Apart from these, the legislation also makes changes to Medicare that can benefit its beneficiaries. It makes healthcare affordable for senior citizens by means of subsidies and cuts in drug prices.