8/15/2022

This week we talk about: The Inflation Reduction Act Passed the House and Senate…POTUS to sign, soon, Excise tax on Stock buy-backs

Senate: 51 to 50 with VP breaking tie

House: The chamber approved the more than $430 billion package by a 220-207 margin, as all Democrats backed it and all Republicans opposed it. Seven votes out of 435 as a few seats are vacant.

Inflation Reduction Act – Draft Bill Summary

https://dhub.blob.core.windows.net/dhub/Newsletters/Tax/2022/TNV/220807_1.html?elqTrackId=88c70ff98972442ba266c7651fcf41f9&elq=12261bba629b44178c6fbcacad06eeac&elqaid=98265&elqat=1&elqCampaignId=18112

Text of Bill:

https://www.congress.gov/bill/117th-congress/house-bill/5376/text?q=%7B%22search%22%3A%5B%22inflation+reduction+act%22%2C%22inflation%22%2C%22reduction%22%2C%22act%22%5D%7D&r=1&s=1

Summary from the Tax Foundation:

https://taxfoundation.org/inflation-reduction-act/

American Dreams Podcast:

https://www.youtube.com/channel/UC-gL-bLP0-ZI2cDfuGWbWmA

My Website:

groco.com

Please let us know if there are specific topics you'd like to hear about in future episodes.

Ron Cohen, CPA

Partner at Greenstein, Rogoff, Olsen & Co., LLP

510-797-8661