Inflation Reduction Act: What tax hikes are in the bill?

Senate Majority Leader Chuck Schumer gives two thumbs up after passage of the Inflation Reduction Act on Capitol Hill, Aug. 7, 2022.

"This bill is far from perfect. It's a compromise. But it's often how progress is made," Biden said at the White House last week. "My message to Congress is this: This is the strongest bill you can pass."Corporate minimum tax: $313 billion The levy would only apply to companies that reported more than $1 billion in income. Democrats said the levy would affect around 200 of the country's largest corporations – with profits exceeding $1 billion – that pay less than the current 21% rate for businesses.The private equity industry secured a last-minute victory when several Democrats voted with Republicans to exempt private equity companies and businesses they own from the new corporate minimum tax.

Well we asked for border security and got this instead. Hmmmm I think they just gave us the Middle finger.

DannyGo57031736 The Inflation Reduction Act (IRA) will kill Individual Retirement Accounts (IRAs). Am I being IRAscible? We should be IRAte ...

cant find any cuts.....porky

Well, let's just say they're not hiring 87,000 new IRS agents to go after the billionaires that AOC & SenSanders are always whining about.

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Inflation Reduction Act Won't Curb Inflation ‘Over the Short Run,' Says EconomistFluctuating energy, food and housing prices are likelier to move the needle on inflation in the near term than any spending plan Congress passes, experts say.
Source: nbcchicago - 🏆 545. / 51 Read more »

Senate Democrats pass sweeping health care, tax and climate billSenate Democrats united behind the Inflation Reduction Act to address healthcare, taxes and climate change and to let Medicare negotiate drug prices. You mean Senate Dems continue their assault on the middle class Y’all ain’t worth the paper you’re printed on!
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Here's how the Inflation Reduction Act's rebates and tax credits for heat pumps and solar can lower your energy billCongressional action looks to return more money to the pockets of homeowners who opt for energy-efficient upgrades, such as heat pumps and solar panels. Someday, when the Senate commissions a group of solar industry experts to challenge Big Oil, they should call it the Solar Panel. Jimmy Carter put solar panels on the WH roof and Ronald Reagan tore them down. Why electric water heaters? *qualifying consumers
Source: MarketWatch - 🏆 3. / 97 Read more »