Five things to pay attention to in the Inflation Reduction Act - SmartCitiesWorld
By Luke Antoniou
SmartCitiesWorld runs through five major takeaways from the US Inflation Reduction Act announced this week, assessing what is – and what isn’t – included in the measures to fight climate change.
The Inflation Reduction Act has passed through the United States’ Senate and is expected to pass through the House in a matter of time before President Biden officially signs it into law. The act seeks to reduce the cost of living in the US, bringing down the cost of prescription drugs, health insurance and energy while reducing the federal deficit by establishing a minimum corporate tax, putting the emphasis on taxing the richest corporations harder.
Outside of everyday inflation, the Inflation Reduction Act also sets out plans for the US’ largest ever investment in fighting climate change. In a statement, President Biden explained that the bill is set to strengthen energy security and create a stronger green jobs market through manufacturing of solar panels, wind turbines and electric vehicles in America.