Misleading claims circulate on tax burden of Inflation Reduction Act

Published on 09/08/2022 at 22:02

The Inflation Reduction Act, a slimmed-down version of President Joe Biden's original Build Back Better legislation, includes billions in climate and health care funding. However, the bill's impact is the subject of claims and counterclaims; Republicans say it would increase taxes for those making less than $400,000 annually -- breaking one of Biden's campaign promises -- while Democrats insist it would not. Experts and independent reports say the act contains no direct tax increases on those with incomes below that threshold, but it may indirectly lead to some adverse economic impact in households.