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The Detailed cost of the Inflation Reduction Act of FJB listed above. This is another copy.
https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdfLATEST SUMMARY: THE INFLATION REDUCTION ACT OF 2022
Updated: August 11, 2022
The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will also finally allow Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025.
Additionally, the agreement calls for comprehensive Permitting reform legislation to be passed before the end of the fiscal year. Permitting reform is essential to unlocking domestic energy and t***smission projects, which will lower costs for consumers and help us meet our long-term emissions goals.
TOPLINE ESTIMATES:
TOTAL REVENUE RAISED $737 billion *This is another list, a repeat of the above.
Where the funds will come from:
15% Corporate Minimum Tax $222 billion*
Prescription Drug Pricing Reform $265 billion***
IRS Tax Enforcement $ 124 billion**
1% Stock Buybacks Fee $74 billion*
Loss Limitation extension $52 billion
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Total--------------------------$737 billion========================
TOTAL INVESTMENTS $437 billion
Funded to:
Energy Security and C*****e C****e $369 billion*
Affordable Care Act Extension $ 64 billion**
Western Drought Resiliency $ 4 billion***
TOTAL DEFICIT REDUCTION $300+ billion
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Total-----------------------------$737 billion============================
Notes: These amounts are just estimated budget, final report must be presented to the people after completion. Total of $737 billion. The Treasury and the Budget Office must have detailed figures and documents for all the t***sactions after completion. * = Joint Committee on Taxation estimate
** = Congressional Budget Office estimate
*** = Senate estimate, awaiting final CBO score
The Inflation Reduction Act:
1. Expands Medicare benefits: free v*****es (2023), $35/month insulin (2023) and caps out-of-pocket drug
costs to an estimated $4,000 or less in 2024 and settling at $2,000 in 2025
2. Lowers energy bills: cuts energy bills by $500 to $1,000 per year
3. Makes historic climate investment: reduces carbon emissions by roughly 40% by 2030
4. Lowers health care costs: saves the average enrollee $800/year in the ACA marketplace, allows Medicare
to negotiate 100 drugs over the next decade, and requires drug companies to rebate back price increases
higher than inflation
5. Creates manufacturing jobs: more than $60 billion invested will create millions of new domestic clean
manufacturing jobs
6. Invests in disadvantaged communities: cleaning up pollution and taking steps to reducing environmental
injustice with $60 billion for environmental justice
7. Closes tax loopholes used by wealthy: a 15% corporate minimum tax, a 1% fee on stock buybacks and
enhanced IRS enforcement
8. Protects families and small business making $400,000 or less
==================== br The Detailed cost of the I... (