A New Tax Bill: Inflation Reduction Act of 2022

That’s right; there’s a new bill that’s been proposed. The Inflation Reduction Act of 2022 aims to target deficit reduction to fight soaring inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions.

Here are a few of the items proposed in the Inflation Reduction Act….

  • Introduces a 15% corporate minimum tax and closes the carried interest loophole with the intent to make the giant corporations and the ultra-wealthy pay their “fair share.”
  • Aims to lower energy costs, increase cleaner production and reduce carbon emissions by roughly 40% by 2030.
  • The tax credits for electric and hydrogen-fueled cars would offer $4,000 for used vehicles and $7,500 for new vehicles.
  • Lowers ACA health care premiums for millions of Americans while extending the expanded ACA coverage through 2025.
  • Funds greater enforcement of the tax code by providing the IRS with $124 billion for enforcement.
  • Allows Medicare to negotiate drug prices and caps out-of-pocket costs to $2,000.
  • No new taxes on families making $400,000 or less,
  • No new taxes on small businesses

If you want to walk through your options and new changes, let’s talk! 

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