Congress has passed the Inflation Reduction Act of 2022, with the House voting on Friday, August 12, 2022. The legislation includes the largest tax breaks for clean energy ever enacted. It also includes tax breaks for health care. The legislation is paid for with a 15 percent corporate minimum tax on large corporations, a one percent tax on corporate stock buybacks, projected greater IRS collections from increased IRS funding, and changes to the Medicare rules which may help Medicare reduce what it pays for certain drugs. There is even some projected deficit reduction.
Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst, for Wolters Kluwer Tax & Accounting, can discuss the tax changes made by the Inflation Reduction Act and its impact on taxpayers.
According to Mark: