Washington DC, 18 August 2022 (TDI): Among the most important legislation in the history of the United States (US), is the Inflation Reduction Act. The American people succeeded.
This was declared and shared by President of the US, Joe Biden on his official Twitter account. The Inflation Reduction Act was introduced with the purpose to achieve better economic growth.
The Inflation Reduction Act is one of the most significant laws in our history. The American people won and the special interests lost. pic.twitter.com/pXlnmnWNYU
— Joe Biden (@JoeBiden) August 17, 2022
It will lower household expenses, address the environmental issue, reduce the budget deficit, and ultimately demand fair share payments from the richest corporations.
Furthermore, together, President Biden and Congressional Democrats have produced a historical piece of legislation that thwarts special interests and benefits American families.
Aside from that, the Act will expand the economic growth both from the bottom up and from the middle out.
Inflation Reduction Act: Health Care
The clause permitting Medicare to reduce prescription medication costs could result in lower drug expenses for 5-7 million Medicare enrollees.
Moreover, 50 million Medicare Part D users will be able to rest easy knowing that their annual pharmaceutical costs are limited to $2,000, directly benefiting around 1.4 million beneficiaries.
Additionally, a promise that their insulin expenses will be restricted to $35 for a month’s supply will benefit the 3.3 million Medicare enrollees who have hypertension.
Aside from that, the average annual cost-savings for 13 million Americans on health insurance will remain at $800. Also, the historic bill will grow on the 8% uninsured rate, which is at an all-time low.
Inflation Reduction Act: Energy
Families that benefit from tax incentives for electric vehicles and renewable technology will conserve more than $1,000 annually.
Besides this, families can save at least $350 by purchasing heating systems or other energy-efficient household appliances thanks to $14,000 in direct consumer rebates.
Furthermore, putting the nation on track to achieve President Biden’s climate targets, will result in every household saving $500 on energy bills annually.
Also, one Giga ton, or one billion metric tons, less greenhouse gas emissions in 2030 – ten times more global warming potential than any other single piece of legislation ever passed.
Moreover, by 2030, it will be possible to save up to 3,900 unnecessary deaths and up to 100,000 asthma attacks by implementing sustainable energy and reducing particle pollution from fossil fuels.
Inflation Reduction Act: Taxes
Some of the biggest, most successful companies pay no federal income tax, or $0. The number of the biggest, wealthiest firms in America that avoided paying any federal income taxes in 2020 is 55.
The richest 1% of earnings are thought to avoid $160 billion in taxes annually. The Inflation Reduction Act levies a 15% minimum corporate earnings tax on the biggest, most successful firms.
