Inflation Reduction Act of 2022
President Biden’s Build Back Better Plan proposed in 2021, which highlighted plans to increase tax revenue by revoking saving strategies from the wealthier taxpayers and forcing withdrawals from retirement accounts in excess of certain limits, didn’t make it to the Senate floor. The Democratic party were, however, able to pass the Inflation Reduction Act of 2022. This Bill focuses heavily on clean energy, healthcare, prescription costs, and imposes a 15% corporate minimum tax on large American companies with over $1 billion in financial statement (book) income.
The White House released the article in the attached link laying out their views on how they anticipate the new laws will impact Americans.