Chip somophila / Getty Images
Joe Biden, here at the White House in Washington, August 9, 2022.
United States – Finally a ray of sunshine for Joe Biden. On Friday, August 12, the US Congress finally approved the president’s broad investment plan on climate and health, marking a significant political victory for him less than three months before crucial legislative elections.
By a narrow majority, House Democrats pushed through a plan worth more than $430 billion, after a similar vote in the Senate a few days ago.
The president said in a tweet on Twitter that the text, which should put the country on the right track to achieving greenhouse gas reduction goals, will be signed by Joe Biden into law next week. Today the American people have won., he wrote. With this law, Families will see lower prices for medicine, health care and energy costs. »
Today, the American people have won. Own interests lost. With the issuance of the law to reduce inflation in the air … https://t.co/radXOpnw20
– President Biden (POTUS)
Big Boost for Renewable Energy, Cheaper Drugs and a Corporate Tax, Here’s What – In detail below Joe Biden’s plan.
370 billion for the climate
This is the largest investment the United States has ever seen in the fight against climate change.
Instead of imposing penalties for polluters, the law provides a series of fiscal incentives intended to shift the US economy toward non-fossil energy sources. Producers and consumers of wind, solar and nuclear energy have been offered a series of tax breaks.
Under this reform, an American will get up to $7,500 in tax credits for the purchase of an electric vehicle. The installation of solar panels on its roof will be covered by 30%.
About $60 billion is also planned for building wind turbines, solar panels and electric vehicles in the United States.
The same amount goes to a series of programs to help the most humble families with the energy transition, particularly through the renovation of their homes.
This reform also includes huge investments to enhance the forests’ resilience to the fires that are ravaging the country and to protect coastal areas from hurricanes.
This project should enable the United States to reduce carbon dioxide emissions by 40% by 2030 compared to 2005.
64 billion for health
The second part of this major investment plan aims to partially correct massive inequalities in access to care in the United States, notably by lowering drug prices.
Medicare, a public health insurance system for people over 65 and on low incomes, will for the first time be able to negotiate prices for some drugs directly with drug companies, thus obtaining more competitive rates.
The plan would also force drug companies to offer consumers discounts on some drugs whose prices are rising faster than inflation.
The bill also provides for an extension of the protection granted toAffordable Care Actwhich is the famous health insurance known as“ObamaCare”Barack Obama’s main law.
Companies taxed at 15%
Parallel to these huge investments, the “Inflation Reduction Act”As it is called, he intends to reduce the public deficit by adopting a tax rate of at least 15% for all companies whose profits exceed a billion dollars.
This new tax is intended to prevent some large companies from using tax loopholes that have allowed them to pay well below the theoretical rate.
It is estimated that the measure could generate more than $258 billion in US federal revenue over the next 10 years.
See also on HuffPost : This Biden investigation in Saudi Arabia does not go unnoticed