What the Inflation Reduction Act will mean for Maryland residents

With President Joe Biden signing the Inflation Reduction Act into law on Tuesday, advocates of the law are touting the benefits that Marylanders will eventually see from cheaper prescription drugs, home energy assistance and policies to combat climate change.= The bill commits the government to spending hundreds of billions of dollars on programs related to health care and clean energy, but it also would raise money by setting a minimum corporate tax and other changes. All told, officials estimate the bill to have a net reduction on the federal deficit of at least $300 billion.