WATCH: President Biden signs Inflation Reduction Act into law
Published: Aug. 16, 2022 at 1:25 PM MDT|Updated: Aug. 16, 2022 at 3:22 PM MDT
WASHINGTON, DC. (KKTV) - On Tuesday, President Joe Biden signed the Inflation Reduction Act of 2022 in law.
WATCH FULL PRESSER at the top of this article.
Key features in the new law include:
- Expanding Medicare benefits: free vaccines (2023), $35/month insulin (2023) and caps out-of-pocket drug costs to an estimated $4,000 or less in 2024 and settling at $2,000 in 2025.
- Lowering energy bills: cuts energy bills by $500 to $1,000 per year 3. Makes historic climate investment: reduces carbon emissions by roughly 40% by 2030.
- Lowering health care costs: saves the average enrollee $800/year in the ACA marketplace, allows Medicare to negotiate 100 drugs over the next decade, and requires drug companies to rebate back price increases higher than inflation.
- Creating manufacturing jobs: more than $60 billion invested will create millions of new domestic clean manufacturing jobs.
- Investments in disadvantaged communities: cleaning up pollution and taking steps to reducing environmental injustice with $60 billion for environmental justice.
- Closing tax loopholes used by wealthy: a 15% corporate minimum tax, a 1% fee on stock buybacks and enhanced IRS enforcement.
- Protecting families and small business making $400,000 or less.
Copyright 2022 KKTV. All rights reserved.