• The estimated $740 billion package is made up of $440 billion in new spending and $300 billion towards easing deficits
President Joe Biden finally signed the tax, health and climate bill (Inflation Reduction Act) into law — albeit a significantly reduced version of the $1.75 trillion Build Back Better plan he was pushing for last year.
“With this law, the American people won and the special interests lost,” Biden said in remarks before he signed the bill.
The estimated $740 billion package is made up of $440 billion in new spending and $300 billion towards easing deficits. Earlier versions of Biden’s legislative agenda would have included more than $3 trillion to move away from fossil fuels, establish universal childcare, paid family and medical leave, and expand healthcare, among other provisions.
The new law includes a $369 billion investment in climate and energy policies, $64 billion to extend a policy under the Affordable Care Act to reduce health insurance costs, and a 15% corporate minimum tax aimed at companies that earn more than $1 billion a year.
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