The Inflation Reduction Act, explained – By Emily Stewart, Li Zhou, and Rebecca Leber (VOX) / Aug 5, 2022
The climate bill is also a health care bill (and it does a few things on taxes, too).
It turns out that Democrats’ agenda in Congress was only mostly dead.
The surprise deal announced last month by Sen. Joe Manchin (D-WV) is a lot smaller than the grand dreams Democrats had when President Joe Biden took office in 2021. But the bill, the Inflation Reduction Act, still does quite a lot. It contains historic provisions to tackle climate change and takes steps toward fulfilling a longtime Democratic policy goal: letting Medicare negotiate the prices of some prescription drugs.
The bill could affect what kind of car you buy and how you heat your home. It will prevent big price increases this year for some people who purchase individual health insurance. And if you aren’t paying your taxes, there’s a better chance that the IRS will find out.
Here’s what’s in the bill and what it would mean for American life in the coming years.