Biden signs $740B Inflation Reduction Act into law

August 17, 2022 Amber Coakley US 0

President Joe Biden signs the Democrats’ landmark climate change and health care bill in the State Dining Room of the White House in Washington, Tuesday, Aug. 16, 2022. (AP Photo/Susan Walsh)

President Joe Biden signs a bill in the State Dining Room of the White House in Washington, Tuesday, Aug. 16, 2022. (AP Photo/Susan Walsh)

OAN Newsroom
UPDATED 8:16 AM PT – Wednesday, August 17, 2022

President Joe Biden poured $740 billion on top of red hot inflation with the stroke of a pen. On Tuesday, he was met with cheers as as he signed the so-called Inflation Reduction Act into law.

Despite the bill’s name, Democrats have said the bill will address prescription drug prices, taxation and so-called climate change. Biden celebrated the hundreds of billions of dollars the legislation will splurge on his so-called green initiative.

“It’s going to allow us to boldly take additional steps toward me, all of my climate goals and the ones we set out when we ran,” stated the President. “It includes ensuring that we create clean energy opportunities in frontline and fenceline communities that have been smothered, smothered by the legacy of pollution and fight environmental injustice.”

The bill puts $60 billion towards so-called environmental justice, which is aimed at transitioning communities away from fossil fuels. Meanwhile, $370 billion of the package is set aside for the White House’s definition of clean energy security, while it allows the EPA to fine businesses $900 per metric ton of methane they produce.

However, Biden assured the middle class the bill will have no impact on their quality of life.

However, critics beg to differ with Mr. Biden’s assessment. The measure imposes a 15 percent minimum corporate tax, which analysts fear will be passed on to the consumer.

The legislation provides the Internal Revenue Service with $80 billion for 87,000 new agents, which will make the IRS three-quarters the size of the US Marine Corps. The IRS has asked applicants to be willing to use deadly force as the statutory body has accumulated a stockpile of 4,600 firearms and 5 million rounds of ammunition.

The bipartisan Joint Committee on Taxation estimates up to 90 percent of new IRS revenue will be extracted from individuals making less than $200,000 a year. Supporters of the bill, such as Rep. Jamie Raskin (D-Md.), have failed to explain which of its components will actually reduce inflation.

“I know that those who have been blaming President Biden for the inflation going up are now giving President Biden all the credit for inflation going down,” he stated. “So we are moving things in the right direction already.”

Every House and Senate Democrat voted to bulk up the IRS, raise taxes during a recession and blow out spending during an inflationary cycle. The so-called Inflation Reduction Act passed through both Houses without a single Republican vote.