This is a bill with massive implications for the economy. How will it work? What’s actually in the bill, and what will it mean for you?
Barring a shock last-minute development, the Inflation Reduction Act — a sweeping bill packaging Democratic ambitions on climate, health care, and taxes — will have been approved by the time this issue reaches your hands.
This represents a significant windfall for President Biden three months out from the midterms, and almost a year since the White House lost all hope of winning over Joe Manchin, the conservative Senate Democrat from West Virginia.
With $700 billion in spending over the coming decade — including $300 billion for “deficit reduction” — this is a bill with massive implications for the economy. How will it work? What’s actually in the bill, and what will it mean for you?
Incentivizing purchase of electric vehicles: The package allocates a total of $370 billion for the fight against climate change, with the goal of reducing greenhouse gas emissions from 2005 levels by 40% before 2030. To achieve this, the bill will incentivize the purchase of electric vehicles through tax credits and rebates: a $4,500 rebate for buyers of used electric cars, and up to $7,500 for new ones.
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