Biden taxes super profits by 15% to finance health and climate protection –

from Claudio Del Frate

The “Inflaction reduction act” has been signed: it will finance projects against climate change and for access to medical care. To finance it a corporate tax that made a profit exceeding a billion

United States President Joe Biden yesterday signed the“Inflation reduction act”a federal grant from $ 750 billion to support the economy and household consumption. A public expenditure that has as its counterpart the introduction of a tax rate for all large companies equal to 15% . “A country can transform itself,” said the head of the White House when putting his form on the measure. The Senate gave the go-ahead on Sunday to this measure of social support.

The presidential intervention falls at a time when mixed signals are coming from the US economy. In the July survey, inflation registered a + 8.5% on an annual basis, the highest since 1981 but at the same time lower than forecasts. Industrial production slows down but on the other hand there unemployment fell to 3.5% thanks also to the 552,000 new jobs counted in July. The White House wanted to introduce one in any case Social “shield” able to shelter families and businesses in the event that the situation worsens due to war in Ukraine and open tensions with China.

The 750 billion of the “Inflaction reduction act” are added to 1,800 allocated since the pandemic broke out. The new support plan is particularly oriented to strengthen the health system and fight climate change. The package includes the largest investment ever made in the US for the climate: 370 billion dollars for reduce greenhouse gas emissions 40% by 2030. Another important part of this great investment plan is the goal of correcting inequalities in access to medical care in the US, in particular by lowering the price of medicines. To finance these investments, the reform provides for the adoption of aminimum rate of 15% for all companies whose profits exceed one billion $: This measure is expected to generate over $ 258 billion in revenues for the federal state over the next 10 years.

“This is one of the most significant laws in our history” Biden said awaited by the prohibitive electoral test of the mid term elections. “It’s about our future, about bringing progress and prosperity to American families, about showing America and the American people that democracy still works in the United States, ”he added.

August 17, 2022 (change August 17, 2022 | 01:27)

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About Banner Leon

Videogames entered his life in the late '80s, at the time of the first meeting with Super Mario Bros, and even today they make it a permanent part, after almost 30 years. Pros and defects: he manages to finish Super Mario Bros in less than 5 minutes but he has never finished Final Fight with a credit ... he's still trying.

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