The Inflation Reduction Act, What to Know

After months of stalled negotiations, Sen. Joe Manchin (D-WV) announced that he has reached a deal with Senate Democrat leadership on a reconciliation package.

Called the Inflation Reduction Act, the legislation would raise taxes on corporations and top earners with the goal of funding a number of programs to reduce carbon emissions, address prescription drug costs, and spur the economy.

Garrett Watson joins Jesse Solis to talk through what these tax changes would mean for the economy: Will they reduce inflation, and do they break the President's pledge not to raise taxes on those earning less than $400,000?

Links:
https://taxfoundation.org/biden-corporate-minimum-book-tax/
https://taxfoundation.org/prescription-drug-pricing-reform/
https://taxfoundation.org/tax-gap/
https://taxfoundation.org/tax-reform-options/?option=28