Where the IRA is most ambitious, though, is in its climate initiatives. What Does the IRA Mean for the Climate and EVs? It also allows Medicare to negotiate prescription drug prices and raises taxes on some corporations. The law aims to expand Medicare benefits, cut household energy costs by $500 to $1,000 per year, and save the average enrollee in the Affordable Care Act (ACA) insurance marketplace $800 per year. According to the Congressional Budget Office’s analysis, the IRA will reduce the deficit by $238 billion by 2031. On its face, the $739 billion legislation package aims to reduce the impact of inflation by lowering energy and health care costs for Americans and bringing down the federal deficit over the next 10 years. President Biden signed the IRA into law on August 16, 2022. Here’s what the Inflation Reduction Act means for EVs and EV charging in America. ![]() The IRA will lead not only to increased production of EVs but to an expanded charging infrastructure as well. ![]() ![]() Its climate investments are particularly significant, and they’re likely to push America several steps closer to an electric vehicle future. The law targets climate, health care and tax issues in a unique combination of initiatives designed to lower costs and bring down the deficit over the next decade. This summer, Congress and the Biden administration worked together to pass what may become one of their signature pieces of legislation.Īs central as the impact of inflation is in America right now, the Inflation Reduction Act (IRA) aims to do much more than its name conveys.
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