Five Things You Need to Know to Start Your Day

Tax-Climate Bill, Musk was just kidding, and the inflation shock hits the UK.

President Biden yesterday signed a broad tax, climate and health-care spending package worth in the region of $437 billion. The bill, known as the Inflation Reduction Act, contained many measures in Biden's policy agenda that only a few weeks ago looked to have little chance of passing. The package includes price caps for medicines, a 15% minimum tax on large corporations, a 1% excise tax on stock buybacks, and a range of climate and energy provisions such as tax credits for electric vehicles. Bill Gates campaigned behind the scenes to save the bill, engaging in quiet diplomacy with pivotal West Virginia Senator Joe Manchin.