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#003 - The Inflation Reduction Act - What's in it for you?
09/07/2022
#003 - The Inflation Reduction Act - What's in it for you?
The IRA is going to be a big deal! No, no… not the Irish Republican Army or the Individual Retirement Account you put money into hoping to retire with someday; It’s the Inflation Reduction Act of 2022! President Biden signed the massive bill into law on Sunday, August 16th, 2022. The Inflation Reduction Act (IRA) is ambiguously named as it is not yet evident how it will raise $300 billion, which in turn will lower the deficit and decrease the current record high inflation rate. In fact, the bill includes everything from subsidies for healthcare, initiatives to lower prescription drug costs, various tax provisions including a 15% minimum corporate tax, investments in bolstering the IRS, to a multitude of energy incentives and green building construction tax credits. Maybe the bill should have been called “The insulin-price-reduction-diet-plan, as the IRS gets fat eating the scraps from large rich corporations that contribute infinitely more climate emissions and who generally oppose the saving the planet Act.” Despite my feeble attempt to add levity, Will and I will breakdown the irresistible tax incentives and rebates that everyone should know about. What's in it for you?
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