WASHINGTON, Aug 16 (KUNA) -- US President Joe Biden on Tuesday signed into law the USD 750 billion-Inflation Reduction Act which aims to fight rising inflation through reducing health care costs, raising corporate tax on mega corporations and tackling climate change.
"The Inflation Reduction Act is one of the most significant laws in our history. The American people won, and the special interests lost," Biden said during a special a ceremony at the White House.
In a press statement, the White House argued that the historic act would lower the cost of energy, prescription drugs, and other health care for American families, combat the climate crisis, reduce the deficit, and make the largest corporations pay their fair share of taxes.
"In the coming weeks, the President will host a Cabinet meeting focused on implementing the Inflation Reduction Act, will travel across the country to highlight how the bill will help the American people," it added.
According to the CNN, the act represents the largest climate investment in American history and makes major changes to health policy by giving Medicare the power for the first time to negotiate the prices of certain prescription drugs and extending expiring health care subsidies for three years.
The legislation will reduce the deficit, be paid for through new taxes -- including a 15 percent minimum tax on large corporations and a 1 percent tax on stock buybacks -- and boost the Internal Revenue Service's ability to collect. (end)