The Inflation Reduction Act has become law. In it consumers may qualify for tax credits for purchasing electric vehicles and making certain energy-efficient home upgrades. The bill also authorizes healthcare subsidies and provides for Medicare to negotiate prescription drug prices. To secure support, Democrats removed the “carried interest loophole” provision and exempted some businesses from a 15% minimum large corporation tax. They added a 1% excise tax on stock buybacks to make up for lost revenue.
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