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Tuesday, 16 August 2022 15:10

Biden Signs $740B Climate, Tax and Health Care Bill into Law

Written by Casey Harper, The Center Square

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President Joe Biden signed a $740 billion spending package into law Aug. 16, the final step for the green energy, health care and tax hike bill after months of wrangling and controversy, in particular over the legislation’s hiring of 87,000 new IRS agents to audit Americans.

Democrats at the White House on Aug. 16 touted the bill’s deficit reduction of $300 billion over the next decade. The bill includes several measures, including a $35 per month cap on insulin copays, an extension of Affordable Care Act subsidies and authorization for Medicare to negotiate certain drug prices.

 

“With this law, the American people won, and the special interests lost,” Biden said. “This administration began amid a dark time in America...and yet we’ve not wavered. We’ve not flinched, and we’ve not given in. Instead, we’ve delivered results for the American people.”

 

The bill also spends $386 billion on clean energy and climate change initiatives. That funding includes more than $270 billion in tax credits for manufacturing wind turbines, solar panels, batteries and other electric vehicle and green energy technology.

 

“We didn’t look back, we looked forward,” Biden added.

 

The bill also includes a 15% minimum income tax on companies with more than $1 billion in revenue.

 

Critics blasted the bill, saying cutting pharmaceutical companies profit potential will disincentivize investment in new medicine. Critics also argued more federal spending means more waste and handouts for large corporations.

 

“Biden's inflation bill: $7,500 electric vehicle tax credit,” said Daniel Turner, head of the energy workers advocacy group, Power the Future. “Ford: Raised price of electric vehicles by $8,500. Way to go, Joe.”

 

One of the bill’s most controversial provisions is $80 billion in federal funding to hire an army of 87,000 IRS auditors, more than doubling the agency’s size. The Biden administration has claimed...


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