What does the “Inflation Reduction Act” do to build better lives for all American citizens?
AGN.News Team
August 16, 2022
WASHINGTON (AGN.News) – The newly enacted “Inflation Reduction Act” was passed by both houses of Congress. Today, the law was signed into law by President Joe Biden.
How did the President see the law?
President Biden called it “one of the most significant laws in our history.” The President added: “The American people won and the special interests lost.”
What did Democrats have to say?
Senate Majority Leader Chuck Schumer, under whose guidance the law passed the U.S. Senate, said the “Inflation Reduction Act” represents persistent efforts to “make the world a better place.”
What did Republican have to say?
Texas U.S. Senator Ted Cruz tweeted: It will create two things, “more inflation and pure political graft for Democrats.”
Rep. Michael Burgess said the bill will result in more IRS agents doing more audits of taxpayers. He said on Twitter, “They’re coming after you.”
What’s included in the law?
The new law brings the biggest investment ever in the U.S. fight against climate change. The bill puts nearly $375 billion over a decade to create and implement strategies to fight climate change. Democrats believe this will have the effect of reducing greenhouse gas emissions by 40% by 2030.
The “Inflation Reduction Act” also puts a $2,000 per year cap on out-of-pocket prescription drug costs for Medicare recipients.
The new law also provides a 15% minimum corporate tax on large corporations to make sure they pay their fair share. The law will benefit countless American families going forward.
The law with its estimated $740 billion package will include $440 billion in new spending and about $300 billion allocated towards easing the deficits.
How will Medicare recipients benefit?
The law will allow the Medicare program to negotiate some prescription drug prices with pharmaceutical companies with government savings amounting to around $288 billion over the 10-year budget window.
This will lower costs for older adults on medications because it caps payments at $2,000 out-of-pocket for older adults who buys prescriptions from pharmacies.
The revenue raised by the law will be used to provide free vaccinations for seniors. This is not guaranteed presently. Seniors on insulin will have their prices capped at $35 a month.
The law will help Americans pay for health insurance through subsidies.
It appears the “Inflation Reduction Act” will build better lives for all American citizens, especially seniors, for years to come.
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AGN.News Team
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