US Inflation Reduction Act

The Inflation Reduction Act of 2022 is a US federal law aimed at reducing the federal budget deficit, lowering prescription drug prices, and investing in domestic energy production while promoting clean energy. It was passed by the 117th US Congress and signed into law by President Joe Biden on August 16, 2022. The law is expected to raise $738 billion from tax reform and prescription drug reform, and authorize $891 billion in total spending, including $783 billion on energy and climate change. It represents the largest investment towards addressing climate change in US history and is projected to reduce 2030 US greenhouse gas emissions to 40% below 2005 levels.learn more on wikipedia