CNN

The Inflation Reduction Act is a legislative win for President Biden and Democrats, as it is a deal as diverse as the climate, healthcare and tax dealings, with implications for cars, electric boxes, medicine, and ways to heat and cool homes in the United States. Here's what it includes. Healthcare: Medicare will finally be able to negotiate prices for some prescription drugs, starting with 10 widely used drugs in 2026. There will be a cap of $2,000 for prescriptions paid for by Medicare recipients. There will be a cap on how much Medicare patients who use insulin will pay up to $35 a month for this drug. Democrats wanted to extend this insulin cap to people with private insurance, but not enough Republicans could agree to the order. For people insured under Obamacare, their benefits are extended for another three years, and the petty cash they pay cannot exceed 8.5% of their income, compared to 10% previously. clean energy: This is the largest federal investment in clean energy in the country. Hundreds of billions of dollars to guide the nation to a more sustainable economy, tax incentives to lower the cost of electricity with more renewable sources, and more Americans to switch to electric for their cars and homes. Incentives for families and businesses to choose energy-efficient windows and heating and cooling systems Tax credits for businesses that use solar panels and wind turbines Discounts for Americans to buy electric cars - $7,500 for new vehicles, $4,000 for used ones, paid in part by a 15% minimum tax for businesses making $1 billion or more annually. Taxes: The US Internal Revenue Service will receive an infusion of cash to track down tax fraud and improve tax filing season. Missing from the deal: The bill does not extend the child tax credit passed last year in the US bailout. Nor does it close the so-called "transferable interest loop", which allows wealthy investment managers to treat their compensation as capital gains taxed at a rate lower than ordinary income.