President Joe Biden’s remarks about the Inflation Reduction Act of 2022 – Clarksville Online
Washington DC – President Joe Biden: Good afternoon. On Wednesday, I spoke with both Senators Schumer and Manchin and offered my support for a landmark agreement to fight inflation and lower costs for American families.
This is called the Inflation Reduction Act of 2022. Some of you will notice a lot of similarities between the launch of the Build Back Better initiative – (laughs). It’s not everything, but we’ve come a long way.
I’ll go into detail in a minute.
It will begin restoring fairness to the tax code for the first time in a long time – will begin to restore fairness – by making the largest corporations [sic] The largest corporations in the US pay their fair share, with some — up to $400,000 a year on people without any new taxes.
Experts – even some experts who have criticized my administration in the past – agree that this bill – this bill will ease inflationary pressures on the economy. This bill will actually reduce the inflationary pressure on the economy.
It’s a bill that costs – will cut your cost of living and reduce inflation – and it reduces deficit. It also strengthens our economy in the long run.
The bill has garnered support from climate leaders such as former Vice President Al Gore, who said the bill is long overdue and is a necessary step to ensure that the United States takes decisive action on the climate crisis that will help our economy. leads and provides leadership. The world by example. ,
As former Secretary of the Treasury Larry Summers said, quoting inflation, “this bill is fighting inflation.” Let me say this: “This bill is fighting inflation.”
To quote this bill, said progressive leaders like Senator Elizabeth Warren – “It’s a bill that’s really about fighting inflation, lowering the cost of families, and getting our country on a stronger economic footing.”
Here’s how it works:
First, the bill finally delivers on the promise Washington has made to the American people for decades. We’re giving Medicare – We’re giving Medicare the power to negotiate lower prescription drug prices, which means seniors and consumers will pay less for their prescription drugs. Medicare would save about $290 billion in the process. And, in addition, it also changes circumstances for people on Medicare by imposing a maximum limit of $2,000 per year. They don’t have to pay more than $2,000 a year for all their prescription drugs, no matter how many prescriptions they have—which is especially important for people with cancer and long-term illnesses. This is a godsend. It will literally be a godsend for many families.
Second, the bill locks out lower health care premiums for the next three years for millions of families who have coverage under the Affordable Care Act. This means an average of $800 in savings annually for 13 million people.
Third, it invests $369 billion — granted, I asked for more than 500 — but it also invests $369 billion to secure our energy future and address the climate crisis, taxing working families. Reduces family energy bills by hundreds of dollars by providing credit. It allows people to buy new and efficient equipment, weatherproof their homes, and exempt tax credits for heat pumps and rooftop solar.
It gives consumers a tax credit for any electric vehicle or fuel cell vehicle, new or used, and a tax credit of up to $7,500 if those vehicles are made in the US.
This investment in environmental justice is real. It also offers tax credits that will create thousands of well-paying jobs on clean energy manufacturing projects, solar projects, wind projects, clean hydrogen projects, carbon capture projects, and more, by giving tax credits for those who build these projects. Here in America.
Now, let me be clear: this bill will be the most important legislation in history to tackle the climate crisis and immediately improve our energy security. And it will provide us with a tool to meet the climate goals that have been set – which we have agreed upon – by cutting emissions and accelerating clean energy. A big step forward.
Fourth, the bill requires the largest corporations to start paying their fair share of taxes by imposing a 15 percent corporate minimum tax.
Now, I know you’ve never heard me say this before – it will come as a shock to you – (laughs) – but 55 of the Fortune 500 companies paid no federal income tax in 2020. I know you’ve only heard me say this. About 10,000 times. But the fact remains that they paid no tax on one income — a collective income of over $40 billion.
well guess what? This bill ends that. It’s going to– they have to pay a minimum of 15 percent tax on that $40 billion or whatever the number is.
Yes, I’ll say it again: this law will reduce the deficit. reduce losses.
The sixth point I want to make is this: This bill will not raise taxes on anyone with less than $400,000 annually. And I promise – a promise I made during the campaign and one I did – that I have kept.
Now, look, I know it can happen – sometimes it seems like nothing is done in Washington. (Laughs.) I know it never popped into your mind. But the work of the government can be slow and frustrating and sometimes even annoying. Then those who refuse to give up, their hard work for hours and days and months pays off. History is made. Lives change.
With this legislation, we are facing some of our biggest problems, and we as a nation are taking a big step forward. It didn’t just happen on this information – on this inflation reduction bill. It also happened yesterday when the Senate as a nation made a bipartisan decision to invest in America’s manufacturing technology of semiconductors and additional funds for basic research and development in cutting-edge 21st century industries.
If the House passes this bill that I think the Speaker – I want to thank Speaker Pelosi – I think she is going to get it done – for her leadership here. It is — it has added to the benefits — it has the added benefit of generating thousands of well-paying extra — extra well-paying jobs, slashing inflation.
This is going to give us the potential – not only the ability to compete with China for the future, but the ability to lead the world and win the economic competitiveness of the 21st century.
You’ve heard me say a thousand times: We have to invest in research, development and development.
I hope the House is going to pass this bill today.
My argument is: put politics aside. get it done.
We need to reduce the cost of automobiles, appliances, smart phones, consumer electronics, and more. And you can’t – all these things are powered – almost everything is POW – in our lives are powered by these semiconductors and tiny computer chips the size of a nail tip.
Look, today we must pass it and move on.
I know the agreement on the inflation bill doesn’t cover everything I’ve been pushing for since I came into office. For example, I will continue to struggle in the future to reduce the cost of things that matter to working families and middle-class families by providing affordable and accessible things such as affordable childcare; Affordable elderly care; preschool co- cost of preschool; Accommodation; Co-coupling students and helping students with college costs; closing the healthcare coverage gap – you know, that’s a fancy way of saying – the “healthcare coverage gap” – expanding Medicaid to states that refuse to do it; even more.
Look, this bill is not perfect. This is a compromise. But it is – often how progress is made: by compromise.
And the fact is, my message to Congress is this: This is the strongest bill you can pass to lower inflation, cut the deficit, lower health care costs, tackle the climate crisis. , and can promote energy security at all times. To reduce the burden faced by the working class and middle class families.
So, pass it. Pass it on to the American people. Pass it on for America.
I will have to say more on this later.
I would now like to thank Leader Schumer and Manchin – Joe Manchin, Senator Manchin – for the extraordinary effort it took to reach this result. Thanks.
Now let me talk about another issue.
Q Mr President? Mr President –
President: Let me turn to another issue: GDP and whether or not they are – we are in recession.
But let me tell you what the facts are in terms of the state of the economy:
Number one, we have a record job market — a record unemployment rate of 3.6 percent today. We have created 9 million new jobs since I became President.
Businesses are investing in America at record rates — at record rates. Foreign businesses like SK and others are investing hundreds of millions and trillions of dollars in the US, the totals.
One hundred billion dollars in semiconductor investments already announced by Intel, Samsung and Texas Instruments. Over $100 billion in electric vehicle battery investment by Ford, General Motors, Hyundai, Tesla, and others.
And just last week, SK Corporation of the Republic of Korea announced $22 billion in new investment in semiconductor batteries, chargers and medical devices, creating another 16,000 jobs in the US.
And it is powering the strongest rebound in US manufacturing in three decades, creating 613,000 – 613,000 manufacturing jobs.
Passing the CHIPS bill is going to put another $72 billion in incentives and tax credits to expand semiconductor production. And the Inflation Reduction Act reconciliation will add another $370 billion in clean energy tax credits, including incentives to accelerate domestic production of solar panels, wind turbines, batteries and critical materials processing.
It doesn’t sound like a recession to me.
thank you so much.