It is another big part of his economic agenda ….
Democrats have NOT sold much of it to the public…
But hope they can with this action which deals with taxes, climate change, drug prices, healthcare and more….
He was aiming for FDR like….
He won’t get there…..
Mr. Biden signed the bill, which Democrats call the Inflation Reduction Act, in the State Dining Room at the White House. He and his allies cast the success of the legislation as little short of a miracle, given it required more than a year of intense negotiations among congressional Democrats. In his remarks, Mr. Biden proclaimed victory as he signed a compromise bill that he called “the biggest step forward on climate ever” and “a godsend to many families” struggling with prescription drug costs.
“The bill I’m about to sign is not just about today; it’s about tomorrow. It’s about delivering progress and prosperity to American families,” Mr. Biden said.
Administration officials say Mr. Biden has passed far more of his economic agenda than they could have possibly hoped for, given Republican opposition to much of his agenda on taxes and spending and razor-thin Democratic majorities in the House and Senate. His wins include a $1.9 trillion economic rescue plan last year designed to get workers and businesses through the pandemic and a pair of bipartisan bills aimed at American competitiveness: a $1 trillion infrastructure bill and $280 billion in spending to spur domestic semiconductor manufacturing and counter China.
But there is little dispute that Mr. Biden has been unable to persuade lawmakers to go along with one of his biggest economic goals: investing in workers, families, students and other people.
Both parts of the equation — modernizing the physical backbone of the economy and empowering its workers — are crucial for Mr. Biden’s vision for how a more assertive federal government can speed economic growth and ensure its spoils are widely shared….
The legislation he signed Tuesday is projected to increase taxes by about $300 billion, largely by imposing new levies on big corporations. The law includes a new tax on certain corporate stock repurchases and a minimum tax on large firms that use deductions and other methods to reduce their tax bills. It also bolsters funding for the Internal Revenue Service in an effort to crack down on tax evasion and collect potentially hundreds of billions of dollars that are owed to the government but not paid by high earners and corporations.
Those increases represent only a small slice of the tax revenue from corporations and high earners that Mr. Biden initially offered to fund his agenda.
“On the tax side, the president fell far short of his promises,” said Steve Rosenthal, a senior fellow in the Urban-Brookings Tax Policy Center in Washington. “On the other hand, what he did accomplish was substantial.”
Ben Harris, a campaign economic aide to Mr. Biden who is now the assistant secretary for economic policy in the Treasury Department, said the increased I.R.S. enforcement against tax evasion by high earners and corporations would by itself help balance the tax system in favor of workers…..