U.S. President Biden signed the "Act of Aflation Act 2022"

On August 16, local time, US President Joe Bayeng signed the "Inflation Reduction Act" with a total value of $ 750 billion, which officially took effect. The content of the legislation includes climate change and expanding medical care coverage.

The White House said that in the next few weeks, Biden will go to all parts of the United States to clarify how the legislation will help Americans. Biden will also hold an event to celebrate the legislation on September 6. The White House said, "This historic legislation will reduce the cost of energy, prescription drugs and other medical care costs of American families, cope with climate crisis, reduce deficits, and make large companies pay fair share taxes."

On August 16th local time, US President Joe Bayeng signed a total value of $ 750 billion in "2022 Inflation Acts". Source: Foreign Media

The legislative appropriation is 369 billion US dollars for energy security and climate investment, aiming to reduce carbon emissions by 40%by 2030. The legislation also allocated $ 64 billion for subsidies for affordable medical bills, limiting the cost of the elderly's self -paid drug to $ 2,000 per year. At the same time, the legislation allocated $ 80 billion to strengthen the law enforcement efforts of the IRS and ensure that high -income individuals and companies do not tax out. In addition, the legislation also includes a 1%consumption tax on stock repurchase.

The White House claims that the legislation will reduce the government's budget deficit in the next decade by about 300 billion US dollars.

Source: CCTV News Client/Liu Xu

- END -