Biden signs tax, health and climate bill into law

US President Joe Biden has signed a $700bn (£579bn) bill that raises taxes mostly on the wealthy and aims to fight healthcare costs and climate change.

The act includes measures to make good on decades of congressional promises to curb the price of prescription drugs.

The final version is more modest in scope than the $3.5tn package first envisaged by Democrats.

A flagship of Mr Biden’s agenda, the bill could provide a boost ahead of the mid-term elections.

Voters casting their ballots in November will decide whether Mr Biden’s Democrats retain control of Congress for two more years.

The president hailed the bill as he signed it on Tuesday as the “final piece” of his long-stalled domestic agenda.

But key economic claims about the legislation have been under scrutiny.

Despite being called the Inflation Reduction Act (IRA), the package will have zero measurable impact on inflation, according to an analysis by the Penn Wharton Budget Model, a group of economists and data scientists…

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