Inflation Reduction Act
Legal News

The Inflation Reduction Act Is A Law Now

| August 27, 2022

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. 

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.

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Susmita Sen
Susmita Sen

Susmita Sen has started his journey in the Digital Marketing field. She has more than 1 year of experience in SEO. She likes to share her thoughts for the Website’s achievement goal. She is so passionate about bright career in this ways. Susmita has interest about travelling, cooking in various dishes, reading books about human psychology, and listening to music.


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