The US Inflation Reduction Act | What's contained in it?
Inflation is up 9.1%...
Food, energy and household item prices are increasing at alarming rates. Experts are concerned about the severe impact soaring prices could have on average Americans.
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To tackle this economic problem, Congress passed the Inflation Reduction Act… But most indications suggest this bill likely will have little or NO impact on inflation.
Even the nonpartisan Congressional Budget Office (CBO) declares that the bill will have a “negligible effect” on inflation.
If this bill will likely have no impact on inflation, why was it passed? There may be other reasons.
Inflation Reduction Act...
Includes $369 billion in new spending to reduce greenhouse gas emissions and invest in clean energy technologies.
Aims to bring in more than $300 billion in new revenue by imposing a 15% minimum tax on corporations making over $1 billion.
Will put a $2,000 annual cap on out-of-pocket prescription drugs for people insured by Medicare.
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