US President Joe Biden signed into law his $430 billion (422.78 billion euros) climate and health investment plan on Tuesday, August 16, bringing his Democratic camp a major political victory in less than three months. decisive legislative elections.

The biggest investment in the United States in the fight against climate change, the text provides for a series of financial incentives intended to move the American economy towards renewable energies, limits the price of certain drugs and creates a tax rate minimum on large companies.

Tune in as I deliver remarks and sign into law the Inflation Reduction Act, a historic bill that will lower costs for American families, combat the climate crisis, reduce the deficit, and finally make the largest corporations pay their fair share in taxes.

https://t.co/QVATPkuSkN

— President Biden (@POTUS) August 16, 2022

"A country can be transformed. This is what is happening today," said Joe Biden, in an election-sounding speech delivered before signing this reform, called the "Inflation Reduction Act", at the White House.

"This is about the future. This is about bringing progress and prosperity to American families," he said.

"This is about showing America and the American people that democracy still works in the United States."

The result of difficult negotiations with the right wing of the Democratic Party, the envelope includes the largest investment ever committed in the United States for the climate - 370 billion dollars to reduce greenhouse gas emissions by 40% of here in 2030.

Drug prices

The second part of this major investment plan intends to partially correct the huge inequalities in access to care in the United States, in particular by lowering the price of drugs.

Medicare, a public health insurance system intended among others for those over 65, will for the first time be able to negotiate the prices of certain drugs directly with pharmaceutical companies, and thus obtain more competitive prices.

To finance these investments, the reform provides for the adoption of a minimum tax rate of 15% for all companies whose profits exceed one billion dollars.

This new tax aims to prevent certain large companies from using the tax loopholes which have allowed them to pay far less than the theoretical rate.

It is estimated that this measure could generate more than $258 billion in US federal revenue over the next ten years.

With AFP

The summary of the

France 24 week invites you to come back to the news that marked the week

I subscribe

Take international news everywhere with you!

Download the France 24 app

google-play-badge_EN