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President Biden will sign into law his $430 billion tax, healthcare, and climate bill on Tuesday at the White House.
The president will cut his vacation a day short to return to Washington and sign the measure, the White House announced Monday. The legislative package is the core piece of Mr. Biden’s domestic agenda.
Dubbed the Inflation Reduction Act, the sweeping legislation passed the House last week along party lines. Its passage marks a major victory for Mr. Biden, who fought with moderate Democrats in the Senate for more than a year to back his agenda.
Democrats expect the measure will raise $737 billion over 10 years and reduce the deficit by more than $300 billion during that time. Republicans, meanwhile, slammed the bill as a tax-and-spend grab that will hurt the middle class.
The plan includes a record $369 billion in spending on climate and energy policies aimed at slashing the country’s carbon emissions by roughly 40% by 2030. It also allocates $64 billion to expand the Affordable Care Act.
The bill imposes a 15% corporate alternative minimum tax targeting corporations that have shrunk their tax burden far below the 21% rate. It also bolsters the IRS’ tax enforcement capabilities, which could yield more than $127 billion in new revenue for the federal government.
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Republicans have warned that the IRS’ expanded power will enable it to go after taxpayers earning less than $75,000 a year.
Another key provision would empower Medicare to negotiate prices on 100 different drugs over the next decade.
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