CLIMATE ACTION/ENVIRONMENT ECONOMY INFLATION REDUCTION ACT

The Inflation Reduction Act Allocates Nearly $20 Billion For Agricultural Programs Increasing Conservation And Lowering Carbon Emissions

As part of President Joe Biden’s massive signature Inflation Reduction Act, $20 Billion was allocated to various programs that protect family farms from the effects of climate change farmers are already experiencing, as well as reducing carbon emissions and creating more efficient uses of energy in farming. Among the programs receiving funding are projects that sequester carbon and reduce nitrous-oxide emissions.

CHIPS AND SCIENCE ACT CLIMATE ACTION/ENVIRONMENT ECONOMY INFLATION REDUCTION ACT

Global Clean Energy Spending Projected To Exceed $2 Trillion This Year, In No Small Part Because Of The Inflation Reduction Act

Global spending on clean energy is projected to go to $2 Trillion this year. It is double the amount being spent on fossil fuels in the same time period. The US portion of that spending is set to increase by $300 Billion, in part because of Joe Biden’s Inflation Reduction Act and the CHIPS and Science Act. A major chunk of that spending is on renewables.

CLIMATE ACTION/ENVIRONMENT EXECUTIVE ACTION INFLATION REDUCTION ACT INFRASTRUCTURE SOCIAL JUSTICE

Biden’s EPA Awards $7 Billion To Winners Of Its “Solar For All” Grant Competition In Underserved And Disinvested Communities

Celebrating Earth Day, 2024, President Joe Biden’s Environmental Protection Agency awarded $7 billion to applicants for deployment of solar to “deploy residential and community solar, integrated storage and cover related upgrades in underserved and disinvested communities throughout the country.“

BIPARTISAN INFRASTRUCTURE LAW CLIMATE ACTION/ENVIRONMENT EXECUTIVE ACTION INFLATION REDUCTION ACT LEGISLATION

Biden Has Taken More Climate Action Than Any President In History

The recently released Climate Powers Memo states the President Joe Biden has taken over 300 climate actions, the most in history. The Center For American Progress details the many ways Biden has taken strong action to protect the enviromment and address the climate crisis, many of which have appeared on this website previously.

While I generally avoid discussing the previous president, it is important to note that Donald Trump has recently asked oil executives for $1b in campaign contributions, and, in exchange, those executives have begun drafting executive actions that would, among other things, roll back as many of Biden’s actions as possible. The contrast is clear.

ECONOMY INFLATION REDUCTION ACT LEGISLATION

New Funding To The IRS Massively Increases Responsiveness Of IRS To Taxpayers

Happy Tax Day! While no one is ever excited to be calling the government regarding tax questions, sometimes, you need help from the IRS. The Inflation Reduction Act, signed by President Joe Biden in 2022, increased funding for key aspects of the IRS. As a result, the averge call wait time has been reduced from 27 minutes in 2022 to 4 minutes in 2023, and the percentage of people speaking to an actual human has increased from 15% to 87% over the same period. 2 million more calls were answered in 2023 than 2022. It may not be exciting, but there is something to be said for basic competence.

ECONOMY INFLATION REDUCTION ACT LEGISLATION SOCIAL JUSTICE

The Inflation Reduction Act Imposes A 15% Minimum Corporate Tax On Some Of The Largest US Corporations

Among the many pro-environment tax incentives included in the Inflation Reduction Act, President Joe Biden made sure to include a 15% minimum corporate tax on some of the largest corporations in the US, some of whom have previously found a way to pay no corporate taxes at all. Here’s an analysis of some of the most relevant provisions.

CLIMATE ACTION/ENVIRONMENT EXECUTIVE ACTION INFLATION REDUCTION ACT LEGISLATION

In His First 18 Months, Biden Signs Numerous Executive Orders Addressing Climate Change And The Environment

Prior to the Inflation Reduction Act providing massive funding for climate related matters, President Joe Biden had signed many executive orders battling climate change and stimulating the economy at the same time, including, among other actions:

  • a moratorium on the Coastal Plain Oil and Gas Leasing Program
  • requiring half of all cars and light trucks sold in 2030 to be zero emission
  • improving access to safe drinking water, and
  • strengthening the nation’s forests in collaboration with local and tribal governments
HEALTH CARE INFLATION REDUCTION ACT LEGISLATION

Biden Caps Insulin Prices

As part of the Inflation Reduction Act, out-of-pocket costs for insulin are capped at $35 per month prescription for enrollees of Medicare Part B and Part D.

Although President Joe Biden wasn’t able to extend that cap to people not on Medicare in the IRA, the political pressure he has brought to this fight has caused major drug manufacturers to cap the cost of prescriptions for insulin to $35 per month for millions of people not on Medicare.

BIPARTISAN INFRASTRUCTURE LAW CLIMATE ACTION/ENVIRONMENT INFLATION REDUCTION ACT LEGISLATION

Biden Administration Makes Record Climate Investment

As part of the Inflation Reduction Act, the US has made a $369 billion investment in battling climate change, the largest such investment in U.S. history.

Included in the investments are:

  • Investments in electric vehicles
  • Investments in EV infrastrucure
  • Clean fuel production and adoption
  • Manufacturing Incentives including provisions aimed at boosting domestic manufacturing of clean energy and transportation technologies, including tax credits and grants for companies involved in the production of EV batteries, electric vehicles, and renewable energy components.
  • Public transit and infrastructure. Taken together with the Bipartisan Infrastructure Law, the IRA supports the further development of public transit.

For a deeper dive, here’s an article on the subject.

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