Former White House Chief of Staff for Bill Clinton and a Senior Advisor to Joe Biden on Clean Energy Innovation John Podesta recently said Biden's $739 billion Inflation Reduction Act was the "most significant climate legislation that's ever passed in US history."
"The IRA, the inflation Reduction Act is the largest and most significant piece of clean energy legislation," Podesta said. "It's estimated to be about $370 billion over 10 years. It's transformative and attacking all the sectors of the economy that are involved in emissions, causing climate change, clean power, clean buildings, clean transportation, clean manufacturing."
"We've seen a renaissance in manufacturing already as a result of the anticipation," Podesta added.
The Inflation Reduction Act is a 755-page, $739 billion spending plan passed in August that Democrats say tackles climate change and the bill passed the United States Senate along party lines with Vice President Kamala Harris having to cast the tie-breaking vote.
"There's been over $200 billion of announced investment in electric vehicle batteries alone," Podesta said. "And these investments are taking place all across the country. From Georgia and Alabama to Michigan, Ohio, to upstate New York to California and Nevada. This really is significant and transformative and I think we'll reach every corner of the United States."
The massive spending package raises taxes for everyone except those making between $10,000 and $30,000 per year, despite Joe Biden saying he would not raise taxes on those making less than $400,000. The Inflation Reduction Act will also significantly increase the size of the IRS and create positions for nearly 87,000 new IRS agents.
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