President Joe Biden signed the Inflation Reduction Act into law Tuesday afternoon, the big climate change, tax fairness, and health care reconciliation bill that Democrats passed in record time this month. Biden was joined by Senate Majority Leader Chuck Schumer and House Majority Whip James Clyburn. The big celebration signing will happen next month, when Congress is back in D.C., but enacting the legislation now will start the ball rolling immediately on the many provisions it has to help American consumers and to start reducing greenhouse gas emissions.
“With this law, the American people have won, and special interests lost,” Biden said. “The American people won, and special interests lost. […] This administration began in a dark time in America, a once-in-a-century pandemic, devastating joblessness, clear and present threats to democracy and the rule of law, doubts about the future of America itself. And yet we have not wavered, we have not flinched, and we have not given in. Instead, we are delivering results for the American people.“
Biden also blasted Republicans for their refusal to support any part of this bill. “In this historic moment, Democrats sided with the American people and every single Republican in the Congress sided with the special interest in this vote, every single one,” Biden said. “The big drug companies spent nearly $100 million to defeat this bill, $100 million. And remember, every single Republican in Congress voted against this bill. Every single Republican in Congress voted against lower prescription prices, negotiating drug costs, a fairer tax system. Every single Republican voted against tackling the climate crisis, against lowering our energy costs, against creating good-paying jobs.”
Biden continued, previewing the message he’s going to take into the midterm elections: “My fellow Americans, that is the choice we face. We can protect the already powerful, or show the courage to build a future where everybody has an even shot. That is the America I believe in. That is what i believe in. And today, we have come a step closer to making that America real.”
Ahead of the official bill signing, the White House provided a briefing memo titled “By the Numbers,” detailing the major provisions of the legislation and how it will move the nation forward.
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.
50 million Americans with Medicare Part D will have peace of mind knowing their costs at the pharmacy are capped at $2,000 per year, directly benefiting about 1.4 million beneficiaries each year.
3.3 million Medicare beneficiaries with diabetes will benefit from a guarantee that their insulin costs are capped at $35 for a month’s supply. […]
13 million Americans will continue to save an average of $800 per year on health insurance premiums
3 million more Americans will have health insurance than without the law. […]
Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.
$14,000 in direct consumer rebates for families to buy heat pumps or other energy efficient home appliances, saving families at least $350 per year.
7.5 million more families will be able to install solar on their roofs with a 30% tax credit, saving families $9,000 over the life of the system or at least $300 per year.
Up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles, helping families save $950 per year. […]
Power homes, businesses, and communities with much more clean energy by 2030, including:
950 million solar panels
120,000 wind turbines
2,300 grid-scale battery plants
Advance cost-saving clean energy projects at rural electric cooperatives serving 42 million people.
Strengthen climate resilience and protect nearly 2 million acres of national forests. […]
Reduce greenhouse gas emissions by about 1 gigaton in 2030, or a billion metric tons – 10 times more climate impact than any other single piece of legislation ever enacted.
Deploy clean energy and reduce particle pollution from fossil fuels to avoid up to 3,900 premature deaths and up to 100,000 asthma attacks annually by 2030. […]
15%: the minimum tax on corporate profits the Inflation Reduction Act imposes on the largest, most profitable corporations.
$124 billion: savings over 10 years the Inflation Reduction Act will generate from collecting taxes already owed by wealthy people and large corporations, according to the Congressional Budget Office.
And no family making less than $400,000 will see their taxes go up a penny.
To quote Biden at another historic bill signing, “This is a big fucking deal” for the American people.