President Biden had to wait for more than a year. And
while he may not have gotten everything he wanted, he
did get a lot. We're talking about the inflati
reduction act that he signed into law today. Right
there. It is a $750 billion dollar bill that addres
healthcare, corporate taxes and climate change and
marks a huge win for the president and his
administration. This is the lat in a series of bill
signings at the White House in the summer of
accomplishments for this President. White House
correspondent, Willie James Inm is here now, live for
us and willie help us understand this day. How big wa
it for Joe Biden Well, it certainly was a major victor
for this President Natalie as you mentioned, he's been
waiting for quite some time to get at least part of his
build back, better agenda passed. And that happened.
And he signed it into law is named the inflation
reduction act. Not the same name as it was before, but
still some of the same key principles, some of the sam
key things. And one of the things that the president
said earlier today was he called this one of the most
significant laws in recent history and that's
essentially because of what it seeks to do. It seeks to
handle climate change, get a handle on that and reduce
those overall calls for americans as it relates to
energy. Also reducing health care costs for americans
as well. When you take through a few of the major items
and benefits that americans could potentially see after
the inflation reduction act was signed into law, more
than $300 billion is focused on energy and climate
reform. That would mean tax credits for buying an E.V.
Or tax credits for putting solar panels on your house.
Also this would seek to lower greenhouse gas emissio
by 40% by 2030. That's the goal here to get americans
to move towards more clean energy. Also in this bill in
this law should say, rather it lowers the cost of
prescription drugs allowing Medicare to negotiate those
prescription drug prices like insulin, which many
americans depend on and you've got to pay for this,
right And one of the ways that that will pay for this
bill is by raising corporate taxes, having a minim
tax rate on corporations 50 18%. That's one of the ways
that the government is seeking to pay for this bill.
Also on top of that there's gonna be an increase in
audits at the I.R.S. Especially for those individual
making $400,000 or more. It was a key promise for this
president to not tax those individuals making $400,0
or less those households making $400,000 or less, I
should say. But the president touched on the a
significance of this bill being signed into law today
and he talked about one of the major themes which is
climate change. Listen, this bill is the biggest step
forward on climate ever ever. That's gonna allow. it's
gonna allow us to boldly take additional steps to
me, all of my climate goals. The ones we set out when
we ran it includes ensuring that we create clean energy
opportunities in front line and fence line communities
that have been smothered smothered by the legacy of
pollution and fight environmental injustice that's
going on for so long. Natalie there's an open questio
here as to whether or not this will reduce inflation.
It is named the inflation reduction act and it's just
simply not designed to reduce those grocery store
prices or those gas prices. Of course, if you buy an E.V.
And use you use the tax credit will indeed eliminat
that gas cost for you there. But you have to make the
investment right to purchase th E.V. If you want to
make that change. But look either way DeMott includin
the president, are touting this as a major success. A
major victory lap, so to speak. They say that it will
lower those costs. Those healthcare costs for americans
and those energy prices for americans. If they decide
to weatherize their home or install solar panels over
the long term, that's the key here. That's what they're
hoping to do to reduce those costs over the long term
for many americans across this nation and they're going
to be talking about it. The President's gonna hit the
road. You're gonna have cabinet secretaries hit the
road as well in the coming weeks, according to a me
from the White House. And this is yet another success
that the by administration and this president can talk
about leading up to the 2022 midterms. Let's rememb
this is an election year and they want to maintain
control of both the House and the Senate, which is up
for grabs this year. Natalie I'm sure they hope that
this bill signed today will be top of mind for many of
those voters, Willie James Inma for us at the White
House tonight. Thank you.