WASHINGTON - US President Joe Biden signed into law a landmark tax, health and energy Bill on Tuesday that takes significant steps towards fulfilling his goal to modernise the US economy and reduce its dependence on fossil fuels.
"The Bill I'm about to sign is not just about today; it's about tomorrow. It's about delivering progress and prosperity to American families," Mr Biden said. In a warming world with increased economic competition from sometimes adversarial nations, Mr Biden considers investment in low-emission energy sources and advanced manufacturing critical to US businesses and the nation's economic health.
Mr Biden has had more success in getting Democrats, and some Republicans, to invest in the physical economy and to embrace a more interventionist view of federal power, said Lindsay Owens, executive director of the liberal Groundwork Collaborative in Washington.
The legislation he signed on Tuesday is projected to increase taxes by about US$300 billion, largely by imposing new levies on big corporations. The law includes a new tax on certain corporate stock repurchases and a minimum tax on large firms that use deductions and other methods to reduce their tax bills.