Page 14 - Investment Advisor September 2022

Beginnings

WASHINGTON WATCH

By Melanie Waddell

2 Ways the Inflation Reduction Act

Hits the Wealthy

Taxpayers earning over $400,000 will likely face more audits,
according to Jeff Bush of The Washington Update

chart a new path in our fight against
climate change, generating millions of
good-paying jobs and saving countless
lives. All of this is possible without rais-
ing taxes on anyone making less than
$400,000 per year.”
The health care changes, Neal
explained:
• Ensure no American is paying
more than 8.5% of their income
on health premiums by extending
the enhanced ACA Premium Tax
Credits through 2025;
• Lowers prescription drug prices by
allowing Medicare to negotiate;
• Caps out-of-pocket costs for pre-
scription drugs at $2,000 for
Medicare Part D’s 50 million ben-
he full House on Aug. 13 passed after House passage. “It also upholds eficiaries; and
on a party line 220-207 vote The President Biden’s commitment to ensure • Tackles climate change by reducing
TInflation Reduction Act of 2022. families earning less than $400,000 per emissions by 40% by 2030 and low-
The bill passed the Senate on Aug. 7 year do not see any tax increase.” ers energy and fuel costs for home-
by a 51 to 50 vote with Vice President Biden signed the bill into law in owners and businesses.
Kamala Harris breaking the tie. mid-August. The Inflation Reduction Act, Neal
The climate, tax and health care bill House Ways and Means Chairman continued, “closes key tax loopholes that
“will make America more competitive, Richard Neal, D-Mass., said in another benefit the wealthiest corporations and
lower health and energy costs for fami- statement that with the bill “prescrip- taxpayers and honors Biden’s pledge to
lies, create high-quality jobs, bolster our tion drug costs will be capped for the not raise the taxes of anyone making less
energy security, sharply lower emissions, first time for millions of our seniors, and than $400,000.” The bill:
reduce the budget deficit, and increase low- and middle-income Americans will • Implements a 15% corporate mini-
long-term economic growth,” Treasury save hundreds on their health coverage mum tax on corporations making Adobe Stock
Secretary Janet Yellen said in a statement and energy costs. Finally, our nation will over $1 billion a year;

10 INVESTMENT ADVISOR SEPTEMBER 2022 | ThinkAdvisor.com