Democrats, Biden Administration pass ‘Inflation Reduction Act’, win big before midterms

In a move to win big before the midterm elections, 46th President Joe Biden and the Democrat-controlled Congress passed a sweeping piece of legislation- the ‘Inflation Reduction Act’. 

Despite being titled the ‘Inflation Reduction act’, the piece of legislation has little to do with combating inflation other than a fairly significant reduction in the deficit of 300+ Billion dollars. The majority of the act concerns Climate Change, taxes on the ultra-wealthy and big business, and healthcare reform.

Regarding Climate Change, the act aims to support modes of electric transportation, along with eco-friendly energy; this investment coupled with the goal of slashing carbon emissions by 40% (by 2030) makes the bill one of the largest climate change-fighting bills in history, and the biggest in the US by far. Overall, with the 369 Billion suggested over the next decade to combat the Climate Crisis, this is a big win for Biden and his cabinet- especially given that 67% of Americans believe that something must be done regarding the crisis. 

Regarding taxes, the act aims to raise 737 Billion dollars for the government by raising taxes on big business and the ultra-wealthy. Specifically: a 15% minimum corporate tax, a 1% stock buyback fee, drug minimum reform, and IRS tax collection are all ways to reach cost. 

In order to back the middle and lower class voters that Biden (and Democrats) need for the upcoming midterm elections, the bill also slashes energy costs by roughly $500-$1000. The bill also shuffles billions of dollars into a jobs program, effectively for the same effect. This program is projected to add 9 Million new American jobs over the next decade.

All-in-all, the ‘Inflation Reduction Act’ is a big step in America to remain very progressive in such a competitive economy.