Joe Biden is planning to sign the Inflation Reduction Act. The act will surely aim to reduce inflation but there are other things that will be affected as well.
The act will lower prescription drug prices, attack climate change, reduce the national deficit and impose a minimum tax on profits of the large corporations. Biden stated via Twitter that the “Inflation Reduction Act” will save American families hundreds of dollars a year.
The Inflation Reduction Act will position America to meet my climate goals, saving families hundreds of dollars a year on energy costs.
And for families that take advantage of clean energy and electric vehicle tax credits – they could see more than twice the savings.
— President Biden (@POTUS) August 16, 2022
The Inflation Reduction Act also has included clean energy and electric vehicle tax credits. Companies like Tesla and Shell are sure to see their stock price rise just off the announcement of the EV tax credit alone.
Check out this clip below.