President Biden is signing the Inflation Reduction Act into law. It delivers on his campaign agenda regarding climate change and Medicare, but falls short on promises he made about childcare, pre-school and family/medical leave.
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The measure provides $260 billion in clean-energy tax credits to boost investment in solar, wind, hydropower and other renewable energy. For households, it offers consumer rebates to help cover the cost of installing heat pumps and solar panels. Lower- and middle-income households can claim a $4,000 tax credit to buy used electric vehicles. It has more than $20 billion to support agriculture practices that release less carbon into the air.
The bill "does about two-thirds of the remaining work needed to close the gap between current policy and the nation’s 2030 climate goal," said Princeton University’s Zero Lab. For decades, the mandatory health insurance program for older Americans has lacked the authority to negotiate drug prices, which has translated into costs that are higher than those paid in other industrialized nations.
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