What the ‘historic’ Inflation Reduction Act means for your bank …

Aug 9, 2022 · What the ‘historic’ Inflation Reduction Act means for your bank account. Senate Democrats passed a sweeping climate, health care, and tax bill Sunday. If it becomes law, it could lower energy ...

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What is the inflation reduction act?

The Inflation Reduction Act is a slimmed-down version of the Build Back Better bill, which aimed to make historic investments in the nation’s social safety net. The new bill makes the largest investment in combating climate change in U.S. history, lowers the cost of prescription drugs and raises taxes on corporations. Here are the big provisions: ...

What is the inflation Reduction Act (IRA)?

On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law, marking one of the largest investments in the American economy, energy security, and climate that Congress has made in the nation’s history. ...

How does the inflation Reduction Act affect the economy?

The Inflation Reduction Act, which passed last summer and is already affecting major parts of the economy, is designed to impact everything from transportation and the environment to insulin prices and corporate taxes. ...

How has the inflation Reduction Act changed taxpayer service?

“Two years into the historic work made possible by the Inflation Reduction Act, the IRS has made significant progress in the 10-year journey to improve taxpayer service, upgrade technology and ensure more fairness in compliance efforts,” said IRS Commissioner Danny Werfel. ...

How will the inflation reduction act change American lives?

Already, the Inflation Reduction Act is transforming American lives by finally beating Big Pharma to negotiate lower prescription drug prices, making the largest investment in clean energy and climate action in history, creating hundreds of thousands good-paying jobs, lowering health care and energy costs, and making the tax code fairer. ...

What is missing from the inflation reduction act?

Missing from the Inflation Reduction Act are initiatives from Build Back Better intended to specifically benefit parents and families: federal paid family and medical leave, funding for universal pre-K for nearly 6 million children, subsidized child care and the expansion of the child tax credit for another year. ...