President Biden today is expected to sign into law a $750-billion health care, tax and climate bill that will collectively be known as the Inflation Reduction Act. The bill passed the U.S. Senate earlier this month, and the House of Representatives approved it along party lines last Friday. It’s seen as a legislative victory for the Biden administration with multiple agenda goals being met including a massive investment in climate initiatives, changes to health care policy and new taxes on large corporations. As for the name of the law, the Inflation Reduction Act, Guy Williams, CEO of Gulf Coast Bank and Trust, says it has less to do with the substance and more with timing.
“This is the case where timing is actually good because inflation probably peaked last month, so it’s going to look like inflation is going down, it has nothing to do with the bill and I don’t say that being partisan,” Williams said on the Newell Normand Show this week.
Williams told Newell that neutral observers have stated that there will be aminimal impact on inflation that may become evident in a couple of years, but certainly not immediately. Williams said the new law, which will be enacted after a ceremony on September 6, is a tax and energy bill that has implications for many Americans. President Biden has repeatedly said the tax portion of the law will not affect people making less than $400,000 a year.
