3 things everyone should know about the Anti-Inflation Act – Yahoo News | Vette Leader

President Biden delivers a remark on the Anti-Inflation Act on July 28 at the White House. (Elizabeth Frantz/Reuters)

Today I signed the Anti-Inflation Act – one of the most important laws in recent history. With this law, the American people won and lost special interests. The Anti-Inflation Act does so many things that so many of us have fought for years to achieve.

There are three things everyone should know about the Anti-Inflation Act. First, we lower costs for working families.

We empower Medicare to negotiate lower prescription drug prices. Seniors pay less for their prescription drugs. The law caps the out-of-pocket expenses for prescription drugs at $2,000 per year — no matter how many prescriptions you have. The big drug companies spent almost $100 million to beat this law. We prevailed.

The Inflation Reduction Act will provide lower healthcare premiums to millions of families covered under the Affordable Care Act. Thirteen million people will save an average of $800 a year, in addition to the $2,400 in savings from the American Rescue Plan I signed up for last year.

The law takes the most aggressive action ever to confront the climate crisis and strengthen our energy security. It will offer working families thousands of dollars in savings by giving them rebates to buy new and more efficient appliances and weathering their homes, as well as tax credits for heat pumps and rooftop solar panels. It gives consumers a tax credit for purchasing an electric vehicle or fuel cell vehicle—new or used—up to $7,500 if that vehicle was made in America.

It also offers tax credits that will create thousands of high-paying clean energy generation jobs in solar projects, wind projects, clean hydrogen projects, and carbon capture projects across the country.

Second, at this historic moment, Democrats sided with the American people and Republicans sided with special interests.

Every single Republican voted against lower prescription drug prices, lower healthcare costs, and a fairer tax system. Every single Republican voted against fighting the climate crisis, cutting energy bills, and creating good-paying jobs.

Democrats voted to cut the deficit to fight inflation by having the rich and big companies pay their fair share. Every single Republican refused to require large corporations to levy a 15% minimum tax instead of getting away with paying zero dollars in federal income taxes.

And we did it while delivering on my campaign promise: Nobody who makes less than $400,000 a year pays a penny more in federal taxes.

Third, we have shown that government can work for working families.

There are those who have a dark and desperate view of this country. Too often we hand over the biggest microphone to the critics and cynics who delight in declaring defeat. We confuse noise with substance and obstacles with end.

The work of governing is hard. It’s frustrating and slow. It requires compromises. Making progress in a country as large and complex as ours is not easy. It never was.

But with unshakable conviction, commitment, and patience, progress comes.

And when it does, people’s lives get better, the future brighter, and a nation changes.

I took office in America at a dark time. A once-in-a-century pandemic. Devastating unemployment. Clear and current threats to democracy and the rule of law. Doubts about America’s future itself. We have not wavered or yielded to these challenges. Instead, we do the hard work of delivering results for the American people.

The primary duty of the presidency is to defend what is best about America and create opportunity for all of us.

From the American Rescue Plan, to the Bipartisan Infrastructure Law, to the Gun Safety Act, to the Veteran’s Burn Pits Law, to the CHIPS and Science Law, to the Inflation Reduction Act, we bring progress and prosperity to American families. We’re proving that America and American democracy work. Not just for the privileged few, but for all of us.

This is the America I believe in.

I believe in America’s future. I believe in the soul of this nation. Above all, I believe in the American people.

And as I’ve said many times, if we put our minds to it, there’s nothing this country can’t do.

Joseph R. Biden Jr. is the President of the United States.

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