On August 16, local time, U.S. President Joe Biden signed the "Inflation Reduction Act of 2022" with a total value of $750 billion, making the legislation official.
The legislation includes tackling climate change and expanding health care coverage, among other things.
Over the next few weeks, Biden will travel across the country to lay out how the legislation will help Americans, the White House said.
Biden will also host a Sept. 6 event to celebrate the enactment of the legislation.
"This historic legislation will lower energy, prescription drug and other health care costs for American households, address the climate crisis, reduce deficits, and allow large corporations to pay their fair share of taxes," the White House said.
The legislation allocates $369 billion for energy security and climate investments and aims to reduce carbon emissions by 40 percent by 2030.
The legislation also allocated $64 billion in Affordable Care Act subsidies, which cap out-of-pocket drug costs for seniors to $2,000 a year.
At the same time, the legislation allocates $80 billion to strengthen IRS enforcement and ensure that high-income individuals and companies do not evade taxes.
In addition, the legislation includes a 1% excise tax on share buybacks.
The White House claims the legislation will reduce the government's budget deficit by about $300 billion over the next decade.
(CCTV reporter Liu Xu)