The US President has approved a bill that introduces several changes to the issue of taxation.
US President Joseph Biden signed a bill to address health care costs and climate change while raising taxes. The US government will allocate $700 billion to address these issues. The BBC reported it.
The document is known as the “Inflation Reduction Act”. It provides that the government can negotiate lower prices for certain prescription drugs provided under the health insurance program. Medicare for people over 65 years of age.
The bill would invest $375 billion to fight climate change. This is the largest federal investment in this matter in the history of the United States. Analysts predict the bill would help reduce US emissions by 44% by 2030. The country’s current trajectory cuts emissions by 35%.
The bill includes tax breaks for companies that invest in renewable energy and rebates for people who buy electric cars or invest in energy-efficient home improvements.
However, many of the changes won’t take effect for at least another two years, leaving open the question of how the new programs will work.
Biden, for his part, said the signing of the bill was a “historic moment.” He also noted that every Republican in Congress voted against the bill.
Senate Republican leader Mitch McConnell said the legislation would provide for higher taxes, higher energy bills and aggressive tax audits.
The bill, which is the flagship of Biden’s agenda, could give Democrats much-needed support ahead of November’s midterm House elections.
It will be remembered that Biden approved the allocation of another package of military aid to Ukraine in the amount of $175 million.
In turn, Zelensky thanked Biden for a new defense aid package for Ukraine.
News from Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.