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The Democrats’ Inflation Reduction Act (IRA) will see Americans forking out more for electricity and gasoline, experts have warned.
President Joe Biden on Tuesday signed the Democrat-backed IRA into law as the country battles with soaring inflation, which stood at an annual rate of 8.5 percent in July.
Democrats say the $700 billion spending bill, which includes nearly $80 billion in IRS funding and a 15 percent minimum tax on corporations, will bring in $725 billion in new revenue to the federal government and reduce the deficit by around $292 billion annually.
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