President Biden made history yesterday when he signed the Inflation Reduction Act into law, the largest US investment yet to address climate change.
This bill provides funding and real solutions for everything from climate change to healthcare, job creation to environmental justice, and much more. This law will:
- Allocate $369 billion for programs to combat climate change (This is the most powerful step the US has ever taken, and it will reduce carbon emissions by 40% in only eight years.)
- Create new jobs by investing $60 billion in manufacturing
- Establish a 15% corporate minimum tax, closing a loophole exploited by the wealthy
- Reduce prescription drug costs
- Expand Medicare benefits
- Reduce energy costs
- Provide tax credits for electric vehicles
- Invest $60 billion in environmental justice and pollution cleanup in disadvantaged areas
Taxes on large companies and the wealthy will fund this bill.
It is important to note that this bill addresses real challenges Americans of all political parties face, yet not a single Republican in the House or Senate voted for this bill. Every House and Senate Democrat did!