This is how the Inflation Reduction Act could affect you 2:05
(CNN) --
The House of Representatives voted Friday to pass Democrats' $750 billion health, energy and climate bill -- called the Inflation Reduction Act -- in a significant victory for President Joe Biden and his party.
The final vote was 220 to 207, based on partisan criteria.
Four Republicans did not vote.
Now that the Democrat-controlled House of Representatives has passed the bill, it will go to Biden to become law.
How much money will citizens be able to save with the Inflation Reduction Act?
Biden said that while he will sign the law into law next week, the White House will hold a celebration for the legislation on September 6.
“And while I plan to sign the Inflation Reduction Act into law next week, on September 6th we will hold a celebration at the White House honoring this landmark legislation,” President Joe Biden wrote on Twitter.
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The bill's final passage marks a milestone for Democrats and gives the party a chance to achieve long-sought political goals before the upcoming midterm elections.
It also comes at a critical time as Democrats struggle to maintain control of narrow majorities in Congress.
The sweeping bill would represent the largest climate investment in US history and make major changes to health policy by giving Medicare the power for the first time to negotiate the prices of certain prescription drugs and extend subsidies for medical care that expire for three years.
The legislation would reduce the deficit, be paid for through new taxes — including a 15% minimum tax on large corporations and a 1% tax on share buybacks — and increase the collection capacity of the Internal Revenue Service.
The Reducing Inflation Act would raise more than $700 billion in government revenue over 10 years and spend more than $430 billion to reduce carbon emissions and extend health insurance subsidies under the Health Care Act to Low Price and use the rest of the new income to reduce the deficit.