Biden signs historic tax, health care, and environment bill, A significant piece of Democratic spending legislation that attempts to combat climate change, boost taxes on corporations and extend health care coverage was signed into law on Tuesday by Vice President Joe Biden of the United States.
A significant legislative victory for Democrats just in time for the midterm elections, the law is known as the Inflation Reduction Act (Act to Reduce Inflation). A week ago, it was approved by both the House of Representatives and the Senate with the support of every Democrat but not a single Republican.
During his remarks from the White House, Vice President Biden stated that “with this bill, the American people won, and the special interests lost.” We didn’t knock anything down; rather, we built things up. We didn’t look back; we looked forward. The events of today provide another piece of evidence that the American spirit is alive and well.
After returning to Washington from a vacation in South Carolina, where he had watched the House pass the legislation on Friday, the president signed the act and subsequently sent it to the Senate for consideration. After this, the remaining portion of his vacation will be spent in Wilmington, Delaware.
The proposal will spend approximately $400 billion on provisions relating to clean energy and health care, while the legislation will raise approximately $700 billion through increases in corporate taxes and savings on prescription drugs. However, the plan falls well short of what the majority of Democrats had wanted: Senator Joe Manchin, a Democrat from West Virginia, removed items from the safety net, while Senator Kyrsten Sinema, a Democrat from Arizona, vetoed a number of tax increases.
The law was approved by the House of Representatives with a vote count of 220-207, with all Republicans voting against it. Earlier in the week, the legislation was approved by the Senate in a vote of 51-50, and Vice President Kamala Harris cast the deciding vote to break the tie.
The Vice President of the United States, Joe Biden, stated on Tuesday that “at this historic moment, Democrats sided with the American people, and every single Republican in the Congress sided with this special interest in this vote.” “That is the decision we face: We can defend the already powerful or show the bravery to build a future where everybody has an equal shot,” he said. “We can protect the already powerful or show the guts to build a future where everybody has an equal shot.”
The law includes a number of elements that are designed to assist consumers, such as tax incentives for electric vehicles and renewable energy household products, as well as cost reductions for prescription medications and health insurance premiums.
Although some aspects of the law, such as tax credits for the purchase of electric vehicles, will be put into action immediately, the majority of the provisions will not become active until the next year. For example, beginning in January, extended Affordable Care Act subsidies and a price cap on insulin of $35 per month will be accessible to Medicare members. On the other hand, the impact of agreements over the cost of prescription drugs will not be realized until 2026.
As part of what officials at the White House have described as a “planned August vacation travel blitz,” Vice President Biden aims to exert pressure on members of his Cabinet to promote the benefits of the bill.
Nine members of the Cabinet have already scheduled a total of 18 events to take place across the country. One of those events will take place on Tuesday, when the Administrator of the Environmental Protection Agency, Michael Regan, is scheduled to speak about the legislation at a conference in Oklahoma City.
On September 6, officials from the White House stated that they intend to host a larger “celebration” in honor of the legislative success.