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Democrats add stock buyback tax to Inflation Reduction Act: What to know
Will the Inflation Reduction Act raise taxes?
Rep. Darrell Issa, R-Ca., joined ‘Kennedy’ to discuss Democratic Sen. Joe Manchin saying the Inflation Reduction Act will not raise taxes on Americans earning less than $400,000.
The sweeping climate, health care and tax bill that Senate Democrats passed Sunday includes one of the biggest tax hikes in decades, including a new levy for corporations that repurchase their own stock.
The Inflation Reduction Act of 2022, which passed along party lines with Democrats employing the budget reconciliation process, would raise an estimated $739 billion over the next decade, with the revenues going toward initiatives designed to combat climate change and curb pharmaceutical prices, as well as efforts to reduce the nation's $30 trillion debt.