Will the Inflation Reduction Act Raise Your Taxes?

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President Joe Biden speaks about "The Inflation Reduction Act of 2022" in the State Dining Room of the White House in Washington, Thursday, July 28, 2022. (AP Photo/Susan Walsh)
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The major focus on Capitol Hill right now is the Inflation Reduction Act. It’s being worked on in the Senate, and according to the Joint Committee on Taxation, taxpayers making less than $200,000 per year would see their taxes raised by $16.7 billion over the next 10 years. President Biden made a pledge not to raise taxes on those who make less than $400,000 a year.

The JCT takes into consideration a minimum 15% corporate tax rate. The indirect effect being layoffs, fewer jobs, and the cost being passed on to consumers. White House press secretary Karine Jean-Pierre:

“The deal that’s in front of us, the Inflation Reduction Act… the president said this, ‘Now is the time. We believe now is the time to act. It is historic.'”


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