April 19, 2024 7:48 am
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National News

How Will The Inflation Reduction Act Raise $739 Billion in Revenue?

Credit: iStock

Over the next ten years, the Inflation Reduction Act (IRA) will bring in just under $740 billion and invest $433 billion of that back into programs laid out in the bill. These programs include energy tax credits and extending the subsidies on Affordable Care Act premiums. Meaning that $300 billion will be left over for reinvestment into other programs. 

The bill will bring in the nearly $740 billion by implementing a 15% tax on corporations making $1 billion or more in profit, capping the monthly price of prescription drugs to $2,000/month for individuals on Medicare, funding for the IRS to help increase tax enforcement, and creating a 1% excise tax on stock buybacks. 

The Inflation Reduction Act, with these implementations and improvements to the tax and health care system, will bring in more money for the government than the bill spends on this bill.

A Shrinking Job Market- State of Employment in MI

Data from the U.S. The Bureau of Labor Statistics provides insight into the scope of employment in Michigan. With information from as recently as January, 2024, we can compare Michigan’s employment turnover data with that of other states to get a better picture of how things stand here in the Great Lakes State.