After more than a year of debate, Biden’s sweeping infrastructure bill is becoming law — albeit a significantly smaller version of his Build Back Better plan.
Considered a major win for Democrats, the newly renamed Inflation Reduction Act includes a $369 billion investment in climate and energy policies, $64 billion to extend a policy under the Affordable Care Act to reduce health insurance costs, and a 15% corporate minimum tax aimed at companies that earn more than $1 billion a year.Biden's corporate tax hike in the Inflation Reduction Act won't hurt most U.S.
The $437 billion spending package is expected to raise $737 billion in revenue over the next decade, the biggest share coming from reductions in drug prices for Medicare recipients and tax hikes on corporations. Roughly $124 billion is expected to come from increased IRS enforcement, meaning tougher and more frequent audits for the wealthy. It's projected to reduce the deficit by more than $300 billion over a decade.