President Joe Biden signed the new $403 billion Inflation Reduction Act into law on Tuesday in a move that is expected to accomplish the opposite of the bill’s title.
The bill was touted by the left as the nation’s largest bill to fight climate change.
Tune in as I deliver remarks and sign into law the Inflation Reduction Act, a historic bill that will lower costs for American families, combat the climate crisis, reduce the deficit, and finally make the largest corporations pay their fair share in taxes. https://t.co/QVATPkuSkN
— President Biden (@POTUS) August 16, 2022
“The bill raises the corporate minimum tax to 15 percent and spends more money on bolstering the ability of the IRS to enforce taxes,” Breitbart News reported.
“The bill spends $386 billion on green energy subsidies and tax credits and spends $98 billion on propping up Medicare,” it added.
WASHINGTON (Reuters) -President Joe Biden on Tuesday signed into law a $430 billion bill that is seen as the biggest climate package in U.S. history, designed …
— Henry A.🌊🌊🌊 (@henry_ahd) August 17, 2022
The bill also threatens to soon break Biden’s promise that American families making under $400,000 will not pay more in taxes.
The act may claim to reduce inflation, but is more likely to add to historic inflation problems that have come under Biden’s leadership.