President Joe Biden admits what the Inflation Reduction Act had built into it - which everyone knew beforehand, if they read the bill. But the bill had limited, if any, impact on inflation while doing some other things. Or, trying to... NPR reported on this part of the bill a year ago...
If the impact on inflation is limited, then what else does it do?
The package includes $369 billion in new spending to reduce greenhouse gas emissions, invest in clean energy technologies and extend subsidies for the Affordable Care Act.
The bill also plans to bring in more than $300 billion in new revenue, Democrats say, by imposing a 15% minimum tax on corporations making over $1 billion and through a new excise tax on corporate stock buybacks.
"The way to think about this is not about inflation at all, but about the tradeoffs between helping people who need more help, especially in health care and reducing carbon, versus the potential impact on future investment," Smetters said.
