'The American people won, and the special interests lost,' President Biden said, noting that pharmaceutical companies had lobbied against measures to lower prescription drug costs for people on Medicare. | via NPR
On health care, the bill enables the federal health secretary tothe prices of some drugs for Medicare. It also caps out-of-pocket prescription drug costs for people on Medicare at $2,000, effective in 2025.
On taxes, the legislation establishes a 15% minimum tax for corporations making $1 billion or more in income, which is estimated to bring in over $300 billion in revenue. And despite the bill's name, the nonpartisan Congressional Budget Office says the Inflation Reduction Act will have aWith three months to go before midterm elections, Democrats want to promote the benefits of the legislation. Some will kick in right away, including the energy efficiency tax credits. But other benefits, like lower costs for prescription drugs, won't be felt before voters head to the polls.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden signs sweeping climate, health care, tax bill into lawPresident Biden signed Democrats' hallmark spending bill into law on Tuesday, a major legislative victory punctuating a string of bipartisan legislative achievements that Democrats hope to capitalize on ahead of the upcoming midterm elections.
Read more »
Inflation Reduction Act: Biden signs massive climate and health care billPresident Joe Biden is preparing to sign Democrats’ landmark climate change and health care bill, which includes the most substantial federal investment in history to fight climate change.
Read more »
Inflation Reduction Act: Biden to sign massive climate and health care billPresident Joe Biden is preparing to sign Democrats’ landmark climate change and health care bill, which includes the most substantial federal investment in history to fight climate change. FOX13
Read more »
Biden signs sweeping bill to tackle climate change, lower health-care costsThe ambitious law aims to tamp down on inflation, lower prescription drug prices, address climate change, reduce the deficit and impose a minimum tax on the largest corporations.
Read more »
Biden to sign massive climate and health care legislationPresident Joe Biden will sign Democrats’ landmark climate change and health care bill on Tuesday, delivering what he has called the “final piece” of his pared-down domestic agenda.
Read more »