The Democrats’ Inflation Reduction Act (IRA) will see Americans forking out more for electricity and gasoline, experts have warned.
President Joe Biden on Tuesday signed the Democrat-backed IRA into law as the country battles with soaring inflation, which stood at an annual rate of 8.5 percent in July.
Democrats say the $700 billion spending bill, which includes nearly $80 billion in IRS funding and a 15 percent minimum tax on corporations, will bring in $725 billion in new revenue to the federal government and reduce the deficit by around $292 billion annually.
Along with spending on tax credits and loans to bolster cleaner technology, an $11.7 billion tax on crude oil and petroleum products will also be reinstated….