Inflation Reduction Act of 2022

[Ronstar]

<mod note> Let’s all focus on the content of the bill and how it affects us, if at all. Disagreements with the rhetoric go nowhere very quickly.

I'm fairly certain the bill will affect all Americans.
Here's the content and and how it affects me:

15% Min corp tax - I'll pay extra for goods and services to companies trying to recoup their additional tax

Prescription drug pricing reform. - I don't take prescription drugs, so this will not affect me

IRS tax enforcement. - Shouldn't affect me, but if it does it will affect me negatively

Carried Interest Loophole - Probably doesn't affect me

Energy Security and Climate Change - The bill claims to lower energy costs, and reduce carbon emissions 40% by 2030. Bill doesn't explain how they propose to accomplish this. Past history shows that cleaner energy is accomplished through increased regulation that usually raises energy costs.

ACA Extension - Doesn't affect me.

Deficit reduction of $300 billion. - I'll believe it if/when I see it.


It's almost a given that this bill is going to cost me some dough without any gains at least in my lifetime. But I'm all for it if it doesn't cost me anything.

 

[ERD50]

Can we please forgo discussions surrounding the rhetoric of the bill and forum on provisions and content?

I thought I was?

I don't see where a provision on increasing corporate tax does anything to reduce inflation - costs (and more) will be passed on to the consumer. Overall, this means more money comes out of our pockets, the provision affects us all. Isn't the effects on us consumers what we are discussing? (And I sure hope I got affects/effects right - I have a mental block on those two words!).

I hope some of the other provisions do help us, but the devil's in the details.

I'll skip commenting on the "Energy Security and Climate Change -" beyond that I'm skeptical it will accomplish anything meaningful other than increase consumer costs.

-ERD50

 

[Walt34]