Inflation Reduction Act
About Inflation Reduction Act
The Inflation Reduction Act of 2022 was the largest climate investment in US history, allocating 369 billion for clean energy. The act also allowed Medicare to negotiate drug prices and imposed a 15 percent minimum tax on large corporations. The act triggered massive investment in clean energy manufacturing in the US. Battery factories, solar panel plants, and electric vehicle facilities sprang up across the country. The name was misleading: the act was primarily about climate and industrial policy. Stock markets for clean energy companies initially surged. The act marked a fundamental shift in US industrial policy after decades of free market consensus.
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