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Archive for Inflation Reduction Act 2022

Corporate Tax Revenue Raisers In The Inflation Reduction Act

Corporate Revenue Raisers In The Inflation Reduction Act

In case you did not read the previous post from Annette Nellen, we want to point out the Corporate Revenue Raisers in the Inflation Reduction Act.
TaxConnections Editor


On August 16 President Biden signed the Inflation Reduction Act of 2022 (P.L. 117-169; H.R. 5376). This was enacted via the budget reconciliation process so only 51 votes were needed to pass this in the Senate. And there are various restrictions on what can go in the bill and it can’t lose revenue in the 11th year out and beyond. So the numerous energy credits added or expanded in this law generally end expire 12/31/32. And this law’s official name is “an act to provide for reconciliation pursuant to title II of S. Con. Res. 14” due to the required process (has to have the word reconciliation in it). The unofficial name that you’ll hear is Inflation Reduction Act of 2022 or IRA (which might be confusing).

Single-spaced, this act is 273 pages with 128 pages – or 47% related to tax law changes (these are in Title I of the Act but a lot of these pages are in Subtitle B on prescription drug pricing reform (which tax-wise only includes a minor change to IRC §223 on health savings accounts and a new drug excise tax at §5000D).

The Corporate Revenue Raisers

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Inflation Reduction Act 2022: Winners And Losers

Inflation Reduction Act 2022: Winners And Losers

MYTH vs FACT: Tax Title of the “Inflation Reduction Act of 2022”
Democrats claim the latest version of their tax-and-spend bill, the mislabeled “Inflation Reduction Act of 2022,” will ensure the wealthiest Americans and corporations pay their “fair share” by closing tax loopholes and boosting IRS funding, all without raising taxes on anyone making less than $400,000 per year. However, analyses from nonpartisan experts show the legislation would raise taxes on low- and middle-income Americans during a period
of declining GDP and high inflation; raise taxes on manufacturers, exacerbating supply-chain disruptions, and costing U.S. jobs and investment; and do little to nothing to lower inflation.

“The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods,” said U.S. Senate Finance Committee Ranking Member Mike Crapo. “Non-partisan analysts are confirming this bill raises taxes on the middle class, raises taxes on manufacturers, and produces no
meaningful deficit reduction when gimmicks are removed and the full cost is accounted for.”


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