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US House gives Biden a win with massive bill on climate change, drug prices

August 13, 2022 by www.theedgemarkets.com

- A + A WASHINGTON (Aug 13): The Democratic-led US House of Representatives approved a US$430 billion bill on Friday (Aug 12) that is seen as the biggest climate package in US history, delivering a major legislative victory for President Joe Biden ahead of the Nov 8 midterm elections. The legislation to fight climate change and lower prescription drug prices aims to cut domestic greenhouse gas emissions. It will also allow Medicare to negotiate lower drug prices for the elderly and ensure that corporations and the wealthy pay the taxes they owe. Democrats say it will help combat inflation by reducing the federal deficit. The House voted 220-207 along party lines to pass the measure titled the "Inflation Reduction Act" and send it on to Biden to sign into law. The Senate approved the legislation on Sunday after a marathon, 27-hour session. Biden said he would sign the bill in the week ahead, then the White House would hold a celebration on Sept 6 in honour of what … [Read more...] about US House gives Biden a win with massive bill on climate change, drug prices

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The Inflation Reduction Act Unleashes A Tougher IRS

August 8, 2022 by www.forbes.com

Share to Twitter Share to Linkedin The Schumer-Manchin tax bill known as the Inflation Reduction Act , which passed the Senate on Sunday, raises taxes and will give the IRS billions to go into what the Wall Street Journal called “beast mode .” In all, the meant-to-be-inflation buster bill will dole out about $80 billion to the IRS for increase enforcement, operational improvements, customer service, and systems modernization. Think big, really big. That $80 billion is more than six times the current annual IRS budget of $12.6 billion. How can the IRS spend all of that? You guessed it, the bill says a whopping $45.6 billion will be for enforcement, and make no mistake, enforcement is the main directive from Democrats to the IRS. Get bigger, tougher and faster at collecting, and make them pay. Meanwhile, the IRS could be ramping up its police power too. The IRS is a key part of the government, but not one you usually associate with law enforcement … [Read more...] about The Inflation Reduction Act Unleashes A Tougher IRS

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Just started working? Here’s how to become financially independent

August 12, 2022 by www.moneycontrol.com

Set aside a small sum of money every month for investing in equities when you get your salary. As Indian citizens, we are glad to live in a free country. But often, we take our freedom for granted, especially when it comes to financial freedom. Money here today might be gone tomorrow. That’s why it’s important to be financially free, especially if you’re starting your investment journey at a young age. If you are in your 20s , or even in your 30s , on your first, second or even third job, and are just embarking on your financial journey, here are some handy tips to make sure you become financially independent. Also read | How women in their first job can take control of their money Invest in equities Set aside a small sum of money every month for investing in equities when you get your salary. Maher Dhamodiwala, founder of Financial Artists, a Mumbai-based financial planning firm, says that at a young age when liabilities are low or zilch, people should … [Read more...] about Just started working? Here’s how to become financially independent

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Congress Vs. Inflation: The Legislative Tax Showdown

August 9, 2022 by www.forbes.com

Share to Twitter Share to Linkedin Tax Notes reporter Benjamin Guggenheim discusses the latest tax legislation on Capitol Hill: the recently passed CHIPS and Science Act and the revived reconciliation bill known as the Inflation Reduction Act. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of Tax Notes Today International . This week: Build Back smaller? After months of stalled negotiations, little agreement in either chamber of Congress, and a declaration that Build Back Better was dead, last week, Senate Democrats were able to make progress on not one, but two separate bills. The first, known as the CHIPS and Science Act, was a more bipartisan effort from the Senate that has generally been split down party lines. While the second, known as the Inflation Reduction Act (IRA), is Senate majority leader, Chuck Schumer, D-N.Y., and Senator Joe … [Read more...] about Congress Vs. Inflation: The Legislative Tax Showdown

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