TBA Law Blog


Posted by: Kate Prince on Aug 16, 2022

President Joe Biden today signed a landmark climate change and health care bill into law, the Associated Press reports. The legislation includes the most substantial federal investment in history to fight climate change — some $375 billion over the decade — and would cap prescription drug costs at $2,000 out-of-pocket annually for Medicare recipients. It also would help an estimated 13 million Americans pay for health care insurance by extending subsidies provided during the COVID-19 pandemic. The measure is paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.