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Thursday, March 23, 2023

USA: Joe Biden implements his broad climate and health plan

Us President Joe Biden Signs The Climate Change And Health Bill At The White House In Washington, August 16, 2022.  Next To Him (Left To Right) Are Democrat-Elects Joe Manchin, Chuck Schumer, James Clyburn, Frank Pallone And Cathy Castor.

The final step has been taken: On Tuesday, August 16, US President Joe Biden unveiled his massive climate and health investment plan, which brought his Democratic camp a major political victory less than three months before the legislative election.

The largest investment in the US in the fight against climate change, the text provides a series of financial incentives aimed at the transition of the US economy to renewable energy, caps the price of some drugs and establishes a minimum tax rate for large companies.

Read also: USA: Joe Biden climate and health plan passed by Congress

“The country can be transformed. This is what is happening today”said Mr. Biden in a campaign-focused speech ahead of the signing of the reform, called the Inflation Reduction Act, at the White House. “It’s about the future. It’s about bringing progress and prosperity to American families.”he said. “It’s about showing America and the American people that democracy still works in the United States. »

New tax for large companies

The result of difficult negotiations with the right wing of the Democratic Party, the envelope includes the largest investment ever made in the US for climate – $370 billion (approximately 360 billion euros) to reduce greenhouse gas emissions by 40% by 2030.

Read also: Article reserved for our subscribers In the US, Joe Biden’s climate plan sparks hope and reluctance

The second part of this major investment plan aims to partially address the huge disparity in access to health care in the United States, in part by lowering drug prices. Medicare, a public health insurance system designed specifically for people over 65, will for the first time be able to negotiate prices for certain drugs directly with pharmaceutical companies and thus receive more competitive prices.

To finance these investments, the reform provides for the adoption of a minimum tax rate of 15% for all companies whose profits exceed one billion dollars. This new tax aims to prevent some large companies from exploiting tax loopholes that have so far allowed them to pay far less than the theoretical rate.

Read also: Article reserved for our subscribers Climate: Joe Biden’s goals undermined by Supreme Court decision

It is estimated that this measure could generate more than $258 billion in revenue for the US federal state over the next ten years.

Peace with AFP

World Nation News Desk
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