President Joe Biden signed a $750 billion health care, tax and climate bill into law at the White House on Tuesday, Aug. 16.
The bill, which was passed by the Senate earlier in the month and the House of Representatives last week, costs an estimated $437 billion, with $369 billion going toward investments in “Energy Security and Climate Change,” according to a summary by Senate Democrats.
Democrats claim the legislation will soften the deficit by raising $737 billion, imposing a 15-percent corporate minimum tax which is predicted to raise $222 billion, and prescription drug pricing that the Senate estimates will raise $265 billion.
The bill also allocates more than $300 billion to be invested in energy and climate reform, including a tax credit of as much as $7,500 for electric vehicles, though it’s only available for a select list of cars assembled in North America. Sedans can’t cost more than $55,000 to qualify for the credit, while SUVs and pickup
