President Joe Biden has signed into law the Inflation Reduction Act in a move to reduce the deficit by $300 billion over the next 10 years.
Biden said during a speech Tuesday the law sets a minimum 15 percent corporate tax rate and includes a $369 billion investment to fight the climate crisis and improve the country’s energy security.
“This new law also provides tax credits that’s going to create tens of thousands of good-paying jobs and clean energy manufacturing jobs, solar factories in the Midwest and the South, wind farms across the plains and off our shores, clean hydrogen projects and more — all across America, every part of America,” he said during his speech.
The president also noted that the new measure will lower the prices of prescription drugs and allow families to generate savings on health premiums.
“In the years ahead, thanks to the Inflation Reduction Act, 13 million people are going to continue — continue to save an average of $800 a year on health insurance,” Biden noted.