This Tuesday Joe Biden signed into law a sweeping tax, healthcare, and climate bill, called the Inflation Reduction Act, a significantly pared back version of the “Build Back Better Plan” which he was hoping to pass last year.
Fans of the new law claim that it will improve citizens’ finances while reducing the federal deficit and critics say it will lead to higher taxes for individuals and corporations, and that it will be ineffective at dampening inflation. Let’s look at the new legislation and try and work out to what extent it might reduce inflation which has been at its highest rate in around 40 years and see who the winners and losers are.
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