The Inflation Reduction Act introduced in the United States Senate could be the most significant climate legislation in U.S. history. Energy Policy Simulator modeling shows its provisions could reduce U.S. emissions 37 to 41 percent below 2005 levels by 2030, and avoids at least 23 tons of emissions for every ton of emissions added by oil and gas provisions. IRA provisions could also create up to 1.5 million new jobs and prevent up to 3,900 premature deaths, both in 2030.