US President Joe Biden has signed a massive climate change and healthcare spending bill into law. The legislation aimed to bring changes in the way medicines are priced. As per reports, there will be a minimum 15 percent tax for corporations. As per the White House, 740 billion dollar bill is the biggest commitment to counter climate change in the history of the country.

The federal government will invest around 375 billion dollar over the decade to fight climate change. The White House claimed that Biden’s Inflation Reduction Act would reduce greenhouse gas emissions by about one billion tons in 2030. The law will also cap prescription drug costs at 2,000 dollar out-of-pocket annually for Medicare recipients. The new legislation will also help around 13 million Americans in paying for their healthcare insurance.