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Combating Inflation Through Tax Changes? A Quick Summary of the Inflation Reduction Act

Combating Inflation Through Tax Changes? A Quick Summary of the Inflation Reduction Act

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August 2022

The Inflation Reduction Act (IRA) of 2022, formally called the budget reconciliation bill, was signed into law on August 16, 2022. This bill impacts a wide variety of areas, from climate to health care, but the overall goal was twofold. Although the bill is just a portion of President Biden’s overall social agenda, it still provides significant changes. The bill is substantial, so it is difficult to hit on everything, but some need-to-know items are addressed below.

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