Biden signs inflation-reduction bill: Here’s what it means for your wallet – Fox Business

President Biden signed the Inflation Cut Act on Tuesday, which is expected to lower health care costs for American families. (iStock)

President Joe Biden signed Inflation reduction law It became law on Tuesday after it was passed in Congress late last week. This new law is a shortened version of the President’s Law 1.75 trillion dollars rebuilding a better plan.

“With this law, the American people have won, and special interests have lost,” Biden said. He said when signing the law.

This bill was signed into law amid historically high levels of inflation. Consumer Price Index (CPI), a measure of inflation, 8.5% annually in July, according to the Bureau of Labor Statistics (BLS).

The act would allocate $369 billion for climate and energy policies, extend the Affordable Care Act to reduce the cost of health insurance and incorporate a 15% minimum corporate tax for companies earning more than $1 billion annually.

“Today the House passed a landmark inflation-lowering law that will cut costs for middle-class families, close tax loopholes for big and rich businesses, take the most important action ever to fight the climate crisis, and create good-paying jobs,” Senate Majority Leader Chuck Schumer said. He said in a statement Friday before Biden signed the bill into law.

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Inflation reaches 8.5% annually in July, and the monthly rate remains unchanged

The Anti-Inflation Act to reduce healthcare costs

The Inflation Reduction Act will reduce the cost of health care for some Americans, including those who have a health insurance plan through the Affordable Care Act and those who use Medicare.

“We’re giving Medicare the ability to negotiate these prices now on some drugs,” Biden said. “This means that older adults will pay less for some prescription drugs.”

The Inflation Control Act also includes a maximum payment for Medicare users, so that the cost they will have to pay annually for prescription drugs does not exceed $2,000, regardless of the purpose of those prescriptions.

“For millions of Americans, the Inflation Reduction Act will lower the cost of health care,” NAACP President Derek Johnson He said in a statement. Specifically, the bill would allow Americans to get more money in their pockets by lowering the cost of prescription drugs and providing subsidies that would save consumers about $800 under the Affordable Care Act. For one in three Medicare patients with diabetes The high cost of insulin was finally set at $35 per month.”

The law strips $300 billion from Medicare by lowering the cost of drugs, which consumer groups have said would be beneficial.

“This legislation cuts $300 billion in drug price hikes in 10 years,” the Association of Senior Citizens said in a statement. “This represents savings for taxpayers and, most importantly, savings for Medicare beneficiaries on their share of prescription drug costs. The Seniors Association strongly supports this legislation.”

“The cancer of exorbitant drug prices is responsible for the financial distress, worsening health situation and even killed some older Americans who do not have the resources to pay for their prescribed medications today,” the group continued.

In a recent survey by the Association of Senior Citizens, 79% of respondents said they supported provisions made by the Inflation Reduction Act.

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Invoice to reduce excess fees sent to the representatives’ home

Key initiatives cut from Build Back Better

In order to pass the legislation, Democrats had to negotiate with some of the more moderate members of the party, such as Senator Joe Manchin, D. recently approved To vote yes.

Some of the original initiatives that were left out include universal childcare and some tax cuts for the middle class.

The law passed the Senate by a vote of 51-50 on August 7, with Vice President Kamala Harris voting to tie. Passed in the House on Friday by a vote of 220-207. Biden indicated in his remarks that none of the Republicans voted yes on the bill.

“Let’s be clear, at this historic moment, Democrats have stood by the American people and every Republican member of Congress has stood with a special interest in this vote,” he said. “Everyone alone.”

but when talking to reporters On Tuesday, Manchin said the Inflation Cuts Act would not “immediately” reduce inflation.

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