About our Inflation Reduction Act news
Latest news on the Inflation Reduction Act, a bill that was proposed to be passed in the 117th United States Congress in July of 2022. The bill is a budget reconciliation bill that was sponsored by Senators Chuck Schumer (D-NY) and Joe Manchin (D-WV). The bill was created as the result of negotiations on the proposed Build Back Better Act. This act had been reduced and comprehensively reworked after receiving opposition from Joe Manchin. The bill passed the Senate as the Inflation Reduction Act of 2022 on August 7, 2022.
The bill would raise revenue from various sources, such as imposing a 15% corporate minimum tax rate for companies that make more than $1 billion annually, prescription drug reform to lower prices, increased tax enforcement, and narrowing the carried interest loophole. This revenue would then be spent on continuing the expansion of Affordable Care Act subsidies for three more years, addressing domestic energy security and climate change, and deficit reduction.
The impact of the bill has been analyzed by various groups. The Penn Wharton Budget Model suggests that the bill would have no statistically significant effect on inflation. The nonpartisan Committee for a Responsible Federal Budget concluded that the "deficit reduction, along with other elements of the bill, is likely to reduce inflationary pressures and thus reduce the risk of a possible recession." A preliminary assessment by the Rhodium Group estimated that it would reduce national greenhouse gas emissions by 31-44% below 2005 levels by 2030.
This feed updates continuously 24/7 so check back regularly. Relevance is automatically assessed, so occasionally headlines not about Inflation Reduction Act news might appear - if so please contact us regarding any persistent issues.