The purpose of this thread is to discuss the Inflation Reduction Act of 2022. Forum ground rules haven’t changed, so please leave the partisan comments at the door, don’t be snarky, and discuss the facts and provisions of the bills as we know them.
From Wikipedia https://en.wikipedia.org/wiki/Inflation_Reduction_Act_of_2022
From Wikipedia https://en.wikipedia.org/wiki/Inflation_Reduction_Act_of_2022
The Inflation Reduction Act of 2022[1][2] is a bill proposed for passage in the 117th United States Congress. A budget reconciliation bill sponsored by Senators Chuck Schumer (D-NY) and Joe Manchin (D-WV), it authorizes $370 billion in spending on energy and climate change, $300 billion in deficit reduction, three years of Affordable Care Act subsidies, prescription drug reform, and tax reform.
Provisions[edit]
The bill would raise revenue from:[5]
Imposing a 15% corporate minimum tax rate for companies with higher than $1 billion annual revenue – $313 billion
Prescription drug price reform to lower prices, including Medicare negotiation of drug prices – $288 billion
Increased tax enforcement – $124 billion
Narrowing the carried interest loophole – $14 billion[6]
It would spend this revenue on:[5]
Continuing for three more years the expansion of Affordable Care Act subsidies originally expanded under the American Rescue Plan Act of 2021 – $64 billion
Addressing domestic energy security and climate change – $369 billion
Deficit reduction – $306 billion
As part of the investment into energy, the bill would extend the solar investment tax credit for 10 years.[7]
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