KPMG is reporting the following:
Legislative text and a summary of the bill were released on July 27, 2022.
Senator Joe Manchin (D-WV) late July 27, 2022, announced that he had reached an agreement with Senate Majority Leader Chuck Schumer (D-NY) on tax, climate change, energy, and health care provisions to be included in the Inflation Reduction Act of 2022. Read Senator Manchin’s statement.
The agreement reportedly would impose a new 15% book minimum taxon large corporations (similar to the provision included in the House-passed Build Back Better Act); would modify the carried interest rules; and would significantly increase IRS funding. Preliminary indications are that the combined effect of these provisions, along with prescription drug pricing changes, could raise more than $700 billion over the next 10 years.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.