It’s a new year. And if one thing is certain, it’s that businesses are facing a lot of uncertainty.
Key parts of 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 of 2022 are kicking into effect, including the new book minimum 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. .
Erica York, senior economist at the Tax Foundation, joins Jesse to discuss why this policy came into the fold. They discuss if this tax will really stop companies from paying zero in taxes, as the president claims, if the new Republican House will revisit this debate, and what the tax’s impact will be on jobs and economic growth.