Having recently passed the CHIPS and Science Act, President Biden has turned his attention to two other areas of concern: health care and the environment. He has signed into legislation the Inflation Reduction Act, which among other things is supposed to reduce the deficit, lower prescription drug and healthcare costs, provide incentives for energy-saving appliances and electric vehicles, and level the playing field on taxes by imposing higher levies on corporations.

While the legislation clearly spells out some sectors that will see benefits, the bill not surprisingly has been slammed by some politicians. Despite promises that the bill will reduce the Federal deficit by $300 billion, some politicians argue that higher corporate taxes will have a negative effect on corporate spending and investment, and will be ineffective in curbing the current soaring rate of inflation.

Even the bill’s advocates say that the legislation will not give most Americans immediate relief from inflation or result in other near-term monetary benefits. There could be an eventual reduction in overall health care costs and some long-term reduction in greenhouse gas emissions arising from greater incentives to energy-saving technology, though.

The following gallery outlines the main ramifications of the Inflation Reduction Act.

Related:Manufacturing Fortunes Mixed Under Biden

Spencer Chin is a Senior Editor for Design News covering the electronics beat. He has many years of experience covering developments in components, semiconductors, subsystems, power, and other facets of electronics from both a business/supply-chain and technology perspective. He can be reached at [email protected].