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Another step forward for the USA in the fight against climate change. In fact, on August 7, the US Senate approved “Inflation reduction law‘, a climate, health, and tax law. It is the most significant federal investment in US history to combat climate change and reduce the cost of prescription drugs.
In fact, investments of more than 370 billion dollars are planned to allow the United States to do so Reduce greenhouse gas emissions by 40% by 2030 compared to 2005 levels But also to reduce the cost of prescription drugs and make tax law fairer. For the first time, Medicare (the federal health insurance, run by the US government and covers people over 65) will be given the power to negotiate prices for some prescription drugs, and extend expired health benefits for three years.
The US government aims to break the dependence of consumers and industries on fossil fuels. To do this IInvestments provide credits and tax deductions for a range of renewable technologies, From solar panels to electric cars. There are incentives for companies that produce more technology in the United States and improve their energy efficiency. Funds are also expected to be made available to restore forests and coastlines. For the first time, a methane tax has also been introduced, which will penalize companies whose emissions will increase.
In addition to the effects on the environment and climate change, the body of laws should also have positive effects on taxpayers’ accounts. In fact, it is estimated that the transition to green energy will lead to bill reductions.
The maxipiano machine fee, which should reduce the deficit, will be paid by new taxes (Including a minimum tax of 15% on large corporations and a 1% tax on share repurchases) and will increase the revenue agency’s collection capacity. The proposal calls for increasing state revenue by more than $700 billion over 10 years and spending more than $430 billion to reduce carbon emissions, extending health insurance subsidies under the Affordable Care Act, and using the rest of the new revenue to reduce the deficit.
The law to reduce inflation must now be approved by the House of Representatives, where almost all Democratic votes are required. The goal seems likely even if there are still two potential obstacles, one on the right wing and one on the left, but both do not seem insurmountable at the moment.
The ambitious plan approved by the US Senate has been met with great enthusiasm by climate scientists, who are simultaneously encouraging other countries, including those of the European Union, to increase their efforts in the fight against climate change.
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