President Biden Signs Inflation Reduction Act (IRA) into Law
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President Biden Signed The Inflation Reduction Act (IRA). Now, it is the law!

The bill’s passage was many months in the making and at times appeared unlikely with a 50-50 Senate and midterm elections fast approaching. It accomplishes long-held Democratic goals of lowering prescription drug costs, investing in transitions to clean energy, and reforming the nation’s tax code.

Key Areas:

  • Introduce a Corporate minimum tax rate of 15% for profits over $1B
  • Expand the COVID relief for ACA premiums until 2025
  • Increase cleaner production and reduce carbon emissions by roughly 40% by 2030
  • Increase IRS funding by $80B to expand the audit rate
  • Lower Medicare & pocket drug costs

What’s the impact of this?

  • Your previous tax planning strategies may no longer offer the same incentives (i.e., Oil & Gas Investments)
  • If your gross income is above 400k per year, you may see an increase in your taxes in the coming year.
  • It will also limit out-of-pocket drug expenses for seniors on Medicare to $2,000 annually and allow Medicare to negotiate with drugmakers on prescription prices.
  • Provides $80 billion in funding to the IRS, allowing the agency to hire thousands of agents and revamp decades-old technological systems.
  • The new law provides $369 billion to fund energy and climate projects to reduce carbon emissions by 40% in 2030.

Let’s discuss your proactive tax planning options. Book your free consultation here:

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