Biden signs into law Inflation Reduction Act

Joe Biden, U.S President

© APA | Joe Biden, U.S President

# 17 August 2022 02:38 (UTC +04:00)

United States President Joe Biden signed into law the Inflation Reduction Act of 2022 on Tuesday, APA reports citing Teletrader.

Delivering remarks on the new law, Biden mentioned that this is "one of the most significant laws" in American history. Besides, he stressed, it is a long-standing debt owed by the government to the country.

"This bill is the biggest step forward on climate, ever, ever," he added.

The new regulation will boost investment of $369 billion to address the climate crisis. In addition, it also aims to introduce a minimum corporate tax of 15% for the largest corporations and reduce the federal deficit "by more than $300 billion," Biden underscored.