US President Joe Biden has signed a major $700 billion bill. The goal of the bill is to fight climate change and healthcare costs. It aims to raise taxes on the rich.
The act will decrease the price of prescription drugs. This is a complementing step for decades of congressional promises.
This final version of the bill is quite modest. Nevertheless, the bill can boost US President Biden’s agenda.
Midterm elections are coming up. Voters will cast their votes in November. Then, they will decide who controls Congress for the next 2 years.
The bill lists the most significant investment in the history of climate change. The bill will invest $375 billion in fighting climate change.
Scientists also analyzed this investment. They believe that it will make an impact. But the impact will be normal and not too significant.
The bill will not fine companies on carbon emissions. Instead, it aims to give incentives and rebates for investing in renewable energy. The general public should look out for electric vehicles and solar energy sources.
US President Biden said on Tuesday that this measure is a historic moment. He complained that the Republicans didn’t vote in favor of this bill. Republicans said that the bill causes inflation.
The bill sets a 15% hike for corporations. There is also no tax hike for people with an income of $400,000 or less.
No one knows about climate spending. Many changes listed in the package won’t become a reality any soon.
The bill squashed many proposals. Such as capping the price of insulin medicine. Diabetes patients use insulin daily.
Trevor Milton, 21, didn’t receive this well. As a result, he pays around $210 a month for his insulin medicine. He has had type 1 diabetes since he was 12.
Leaders always sign bills and proposals. We also must wait to see their effectiveness in the real world. The goal should be to apply, not to think and sign.
Credits: BBC
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