Here’s a look at the Democrats' 'Inflation Reduction Act of 2022' as it stands after Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin reached a deal.
first months in office to rebuild America's public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change, and deficit reduction strategies that appears headed toward quick votes in Congress., Senate Majority Leader Chuck Schumer and holdout Sen.
It's broken down to include $60 billion for a clean energy manufacturing tax credit and $30 billion for a production tax credit for wind and solar, seen as ways to boost and support the industries that can help curb the country's dependence on fossil fuels. FILE - Sen. Joe Manchin talks to reporters as he leaves the Senate Democrats’ weekly policy luncheon at the U.S. Capitol on July 20, 2021, in Washington, DC. The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.
Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade. Federal deficits have spiked during the COVID-19 pandemic when federal spending soared and tax revenues fell as the nation's economy churned through shutdowns, closed offices and other massive changes.
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