In early August a stalemate in the US Senate which up to then had prevented the Democratic Party in Congress from enacting its progressive agenda came to an end when a holdout Senator changed his position and sided with his Democratic colleagues in support of certain health care and climate initiatives favoured by President Biden and his Democratic allies in the Congress. The resulting legislation somewhat misleadingly titled the Inflation Reduction Act (IRA 2022) was signed into law by President Biden on 16 August 2022. In order to pay for the progressive’s programme IRA 2022 included three significant tax-related provisions: a 15% minimum tax on corporations; a 1% excise tax on stock buybacks by public corporations; and a significant increase in funding for the IRS which will allow it to significantly increase its enforcement activities. However the Act may turn out to deliver...
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In early August a stalemate in the US Senate which up to then had prevented the Democratic Party in Congress from enacting its progressive agenda came to an end when a holdout Senator changed his position and sided with his Democratic colleagues in support of certain health care and climate initiatives favoured by President Biden and his Democratic allies in the Congress. The resulting legislation somewhat misleadingly titled the Inflation Reduction Act (IRA 2022) was signed into law by President Biden on 16 August 2022. In order to pay for the progressive’s programme IRA 2022 included three significant tax-related provisions: a 15% minimum tax on corporations; a 1% excise tax on stock buybacks by public corporations; and a significant increase in funding for the IRS which will allow it to significantly increase its enforcement activities. However the Act may turn out to deliver...
If you are not a subscriber, subscribe now to read this content.
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