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Secretary of the Treasury Janet L. Yellen: Inflation Reduction Act Won’t Raise Taxes on Families Earning Less Than $400,000/Year
The Inflation Reduction Act of 2022 makes health insurance and prescription drugs more affordable, invests in addressing climate change, and closes tax loopholes for the rich and large corporations. The legislation would either reduce or have no effect on the taxes due or paid by any family with income less than $400,000 and is fully consistent with the President’s pledge. In fact, the clean energy tax credits and the expanded premium tax credit will cut taxes for millions of Americans. The Inflation Reduction Act extends for three years the expansion of the premium tax credits first enacted in the American Rescue ... (full story)