Will the Inflation Reduction Act Cost You More in Taxes?

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FILE - A refinery along the Houston Ship Channel is seen with downtown Houston in the background on April 30, 2020. Billions of dollars in climate and environment investments from the Inflation Reduction Act could flow to communities in the United States that have been plagued by pollution and climate threats for decades. (AP Photo/David J. Phillip, File)
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There is a deal on Capitol Hill to pass the Inflation Reduction Act. Lawmakers also included climate change initiatives and want to lower drug prices as well. The bill will cost $740 billion, but some are concerned that it will cost you more money indirectly. That’s because the bill implements a 15% corporate minimum tax and some experts believe that extra cost will be passed on from corporations to you, the employee.

According to the nonpartisan Joint Committee on Taxation, those with incomes below $200,000 would possibly pay almost $17 billion in combined additional tax in 2023. Senator Chuck Schumer:

“Look, we’re getting closer and closer to enacting historic legislation to fight climate change. For many years in Washington, Washington politicians have promised to tackle some of the biggest challenges facing our nation only to fall short.”


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