This is part of the "Biden administration’s domestic “Build Back Better” agenda to reshape the U.S. economy as it emerged from the coronavirus pandemic."

the Climate bill, Inflation Reduction Act,
will "raise $737 billion over 10 years"
"would reduce the deficit by more than $300 billion"
"includes $369 billion in spending on climate and energy policies" "projected to slash the country’s carbon emissions by roughly 40% by 2030"
"allocates $64 billion to extend an Affordable Care Act program to reduce insurance costs"
"empower Medicare to negotiate prices on 100 drugs over the next decade"
will "impose a 15% corporate alternative minimum tax"
"would spend $80 billion on boosting the IRS’ tax enforcement and compliance capabilities, a move that the Congressional Budget Office estimates will yield $124 billion in revenue"
includes "an excise tax on stock buybacks that is projected to bring in $74 billion"

More information from the New York Times.