Biden signs health, climate, tax ‘Inflation Reduction Act’
(VOVWORLD) -President Biden on Tuesday signed into law the Inflation Reduction Act, an ambitious measure that aims to tamp down inflation, lower prescription drug prices, tackle climate change, and reduce the deficit, and imposes a minimum income tax of 15% on America’s largest corporations.
 US President Joe Biden. (Photo: AFP/VNA) |
Under the new law, the US government will spend about 370 billion USD on green energy initiatives and allow the Medicare health system to negotiate the price of prescription drugs. To fund this plan, the law closes tax loopholes and impose a minimum tax rate of 15% on large corporations.