Inflation Reduction Act 2024. On august 16, 2022, president biden signed the inflation reduction act (ira) into law, marking one of the largest investments in the american economy, energy security, and climate that congress has made in the nation’s history. Department of the treasury published analysis arguing that the inflation reduction act’s benefits are greater than publicized projections.

History, lowers the cost of prescription drugs and raises taxes on corporations. The inflation reduction act directs an unprecedented $369 billion.