BUFFALO, N.Y. — What does the Inflation Reduction Act mean for the average New Yorker? Vice President Kamala Harris is heading to Buffalo Wednesday to discuss that very question.

Fred Floss, SUNY Buffalo State professor of economics and finance, says the Inflation Reduction Act aims to transform the economy while fighting climate change.

"They want to make sure that we can reduce carbon emissions with the hope that that will slow down climate change and therefore the United States will be in a much better place 10 or 15 years from now," said Floss.

He adds that the government is giving tax credits to do this.

"If you buy an electric car, they're going to make it cheaper for you,” said Floss. “If Ford and others do more electric vehicles, they're going to give them to be able to sort of push them in the direction of having industry do climate change.”

He says the act also focuses on infrastructure across the nation.

"If we have better roads, if we are fixing our bridges, this is going to make it easier to transport goods and services over time,” said Floss. “It's going to make the economy more efficient.”

Floss says in addition to climate change and infrastructure, the act also expands benefits for Medicare users. He says Medicare will be able to negotiate the price of drugs with pharmaceutical companies.

It would also caps insulin costs at $35 a month, as well as capping out-of-pocket drug costs to $2,000 in 2025.  Floss says another provision of the Inflation Reduction Act is placing a minimum tax of at least 15% for those who make more than $1 billion a year.

"What this act does is, it raises these taxes to be able to reduce the deficit,” he said. “So the president can therefore say, ‘I'm going to do all these good things I just told you and I'm going to reduce the deficit as well.’ And that's where he gets that this is going to reduce inflation. So over time, because I'm reducing the deficit, that's going to put less pressure on prices and, therefore, lower inflation.”

The vice president is expected to speak on more provisions of the Inflation Reduction Act during her trip in Buffalo.