Today, President Biden will deliver remarks and sign into law the Inflation Reduction Act of 2022. The historic bill, the White House says, will lower the cost of energy, prescription drugs, and other healthcare for American families. It will also combat the climate crisis, reduce the deficit, and make the largest corporations pay their fair share in taxes, according to the White House.
When it comes to cutting prescription drug costs, the administration says that 5 to 7 million Medicare beneficiaries could see their prescription drug costs go down because of the provision allowing Medicare to negotiate prescription drug costs. On lowering healthcare costs: 3 million more Americans will have health insurance than without the law. And on lowering energy costs: families that take advantage of the clean energy and electric tax vehicle credits will save more than $1,000 per year.
The White House says the bill will also reduce harmful pollution and will have 10 times more climate impact than any other single piece of legislation enacted. According to the administration, no family making less than $400,000 will see their taxes go up.