The measure, called the Inflation Reduction Act, includes major new spending and tax subsidies for energy production, a 15 percent minimum tax on the income large corporations report to their shareholders, and a substantial boost in IRS enforcement funding.
. That will make Democrats from high-tax states unhappy. But will they be unhappy enough to vote against the bill?The compromise promises to lower budget deficits by $300 billion over the next decade. That’s a lot of money, but not in federal budget world.that, with no changes to the law, the cumulative budget deficit over the next decade will be nearly $16 trillion. And until we see CBO’s score of the bill, it is hard to know the timing of this deficit reduction.
As a general rule: Deficit reduction that is not scheduled to occur until future years often doesn’t happen at all.The tax increases more than offset the spending and tax subsidies so the bill does not seem likely to add much to inflation. Its Medicare drug reforms should reduce health care costs. Other provisions won’t matter much at all.
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