- Revenue Raised: 1) 15% Corporate Minimum Tax & companies will be allowed to deduct depreciated assets. 2) Medicare negotiation of prescription drugs. 3) IRS Tax Enforcement. 4) 1% Excise tax on stock buybacks starting January 2023.
- Spending: Energy Security and Climate Change: $369 billion. Affordable Care Act Extension: $64 billion.
- Total Deficit Reduction: Approximately $300 billion.
- The bill will allow Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025.
- The bill will invest in solar, wind, hydrogen, nuclear, oil, and gas.
- The bill includes extension of $7500 tax credit for EV purchases. The tax credit will be limited to cars priced at $55,000 or lower and trucks and SUVs priced at $80,000 or lower.
- The bill will require that tens of millions of acres of land be allocated for oil and gas production in order to offer wind and solar leases on Federal land and other locations.
- Private equity was exempted from 15% corporate minimum tax.
- The Senate Parliamentarian said that provision that capped prices of prescription drugs in private market violated Senate rules and it was removed. The provision for Medicare negotiation was allowed to stay in.
- Congressional Budget Office said Inflation Reduction Act would "would have a negligible effect on inflation" in 2022; inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher in FY23.
Energy Stocks: XOM, CVX, BP, SHEL, OXY, COP, XLE, USO, DVN.
EV Stocks: TSLA, GM, F, HMC, TM, VWAGY, STLA, RIDE, LCID, FSR, CHPT, BLNK, EVGO. RIVN.
Solar Stocks: TAN, FSLR, SPWR, CSIQ.
Healthcare Stocks: UNH, HUM, CNC, MOH, CI, ANTM, THC, UHS, CYH, HCA, MRK, PFE, LLY, TEVA, GILD.
Nuclear Power Stocks: CCJ, UUUU, UEC, DNN, FLR
Private Equity: CG
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