The U.S. Senate & House have passed the Inflation Reduction Act, before moving it to the president’s desk. The President signed the bill Tuesday. Treasury Secretary Janet Yellen has advocated for the bill, stating it would “ease inflationary pressures” by lowering costs for energy, health care and prescription drugs. It will also provide needed resources to ensure that wealthy taxpayers and large corporations aren’t “able to avoid paying the tax they owe,” she said. Proponents state that the bill won’t raise taxes on those earning less than $400,000 annually. But some Republicans argue that, according to a Joint Committee on Taxation report, taxpayers in nearly all income brackets will pay more.
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