Administration of Joseph R. Biden, Jr., 2022

August 4, 2022

Tonight we've taken another critical step toward reducing inflation and the cost of living for America's families. The Inflation Reduction Act will help Americans save money on prescription drugs, health premiums, and much more. It will make our tax system more fair by making corporations pay a minimum tax. It will not raise taxes on those making less than $400,000, and it will reduce the deficit. It also makes the largest investment in history in combatting climate change and increasing energy security, creating jobs here in the U.S. and saving people money on their energy costs. I look forward to the Senate taking up this legislation and passing it as soon as possible.

Categories: Statements by the President : Legislation to combat inflation, promote clean energy production, and reduce prescription drug costs.

Subjects: Budget, Federal : Deficit and national debt; Economy, national : Inflation; Employment and unemployment : Job creation and growth; Energy : Alternative and renewable sources and technologies :: Promotion efforts; Environment : Climate change; Health and medical care : Prescription drugs, affordability and costs; Taxation : Corporate tax rates; Taxation : Tax relief.

DCPD Number: DCPD202200690.

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