Washington’s Flawed New Law
Editor’s note: This is the first of a three-part series. Each part looks at a different part of the new Inflation Reduction Act. This first article offers a general assessment of the law followed by a more detailed summary of its green initiatives. The second part of this series will deal with the revenue enhancers in the law. The third part will take up the implications of its health care rules.
Commentary
Washington has passed a new law. The Inflation Reduction Act (IRA) makes only tentative gestures toward inflation control. It mostly promotes Washington’s preferred green initiatives with a raft of grants, loan guarantees, and tax credits. It extends some health care benefits to low-income Americans. And it aims to pay for all this by upping corporate taxes and using stepped-up Internal Revenue Service (IRS) enforcement to collect more from everyone….