Joe Biden signed the “Inflation Act”, with a 15% tax on companies with profits exceeding $ 1,000 million

US President Joe Biden signed his inflation reduction law on Tuesdaywhich he defined as “one of the most important in the history” of the country and which will try to guarantee “fairness” among citizens, after the harsh economic consequences of the covid-19 pandemic.

To finance it, the Democrats propose a minimum tax of 15% on companies with profits exceeding $ 1,000 millionand strengthen the tax collection agency to make it more difficult to avoid payments, among other things.

“It’s not just about today, it’s about tomorrow. It is about providing progress and prosperity to American families, to show Americans that democracy still works in America, despite all the talk of its demise, “Biden said at a rally in the White House.

The president appeared wearing a mask and took it off just to speak, after his wife, Jill Biden, tested positive for the coronavirus on Tuesday, just days after overcoming the disease.

The congress

This is one of the president’s main projectsthat in the coming weeks he will be touring the country to explain the advantages of the law, which aims, among other things, to reduce inflation, in the midst of a price escalation due to the pandemic and the war in Ukraine.

Furthermore, on 6 September it will organize an event to celebrate the enactment of this ambitious fiscal, health and environmental package, approved on 12 by the Congress, with which it intends to strengthen itself against public opinion before the mid-term elections that will take place in November.

The law on reducing inflation expects more than $ 400 billion in new investmentsalmost all of them focused on boosting the green energy sector in the country and on reducing emissions of polluting gases.

The drugs

It will represent the largest public investment against the climate crisis in US history. Its supporters estimate it will serve to reduce the country’s polluting emissions by 40% between now and 2030.

In addition, the plan would allow Medicare, a health coverage program for people over the age of 65, You can negotiate the prices of prescription drugs.

The White House hopes this will lower drug prices and help in part reduce the pressures of high inflation.

Source: EFE

PB