The House of Representatives is set to pass the InflationInflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills. It is sometimes referred to as a “hidden tax,” as it leaves taxpayers less well-off due to higher costs and “bracket creep,” while increasing the government’s spending power. Reduction Act, the latest iteration of President Biden’s taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. and climate agenda.
The road to get to this final package has been anything but easy–with congressional Democrats drastically scaling back the initial $3 trillion Build Back Better agenda.
Garrett Watson joins Jesse to discuss what sacrifices were made by key lawmakers to bring this bill to the finish line. They also look at what the economic impact of this proposal would be as the country continues to face historic rates of inflation.
Links
https://taxfoundation.org/inflation-reduction-act/
https://taxfoundation.org/tax-on-stock-buybacks/
https://taxfoundation.org/inflation-reduction-act-accelerated-depreciation/
https://taxfoundation.org/inflation-reduction-act-corporate-taxes/
https://taxfoundation.org/book-minimum-tax-analysis/
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