US President Biden signs law to reduce inflation
US President Joe Biden signed the law that includes comprehensive health, climate and tax regulations aimed at reducing inflation.
US President Biden approved the Inflation Reduction Act, which received the approval of Congress, with a signing ceremony held at the White House.
In his speech at the ceremony, Biden said that the law is one of the most important laws in the history of the United States, adding, This law is the biggest step ever taken on climate.
Noting that the law would allow the U.S. to take bold additional steps to combat climate change, Biden said it would bring significant benefits to Americans struggling to get health care.
Biden stressed that the law will reduce the budget deficit by more than $ 300 billion in the next 10 years, adding that deficits will be reduced to combat inflation.
Biden also said that the rich will be made to pay their fair share of taxes, adding that large corporations will now pay a minimum of 15 percent corporate tax.
Biden accused Republicans in Congress of standing up for their private interests, saying Democrats sided with the American people and Republicans voted against the law.
President Biden said: The American people have won and lost special interests.
The law includes regulations on combating climate change, lowering drug prices and tax practices.
The law aims to reduce greenhouse gas emissions and drive consumers to green energy, lower the cost of prescription drugs for the elderly, and tighten tax practices for corporations and the rich.
Under the law, which is supposed to help reduce inflation, new tax regulations and prescription drug pricing reform are expected to generate $739 billion in revenue and $433 billion in spending over the next 10 years.
The law will also reduce the budget deficit by more than $300 billion.
369 BILLION FOR INVESTMENTS TO COMBAT CLIMATE CHANGE
The bill allocates $369 billion for investments in energy security and combating climate change.
With these investments, it is aimed to reduce energy bills between $ 500 and $ 1000 per year, to reduce carbon emissions by 40 percent by 2030 and to contribute to employment with new projects to be implemented.
In addition, the law allocates $64 billion to reduce health insurance costs and aims for 13 million families to save an average of $800 a year.