Well, Congress did itâŠ
They exhumed the remains of the 2021 âBuild Back Better Act,â brushed off, reshaped and slimmed down the bill, rebranded it as the âInflation Reduction Actâ (IRA), and then passed it.
Oh, and then they immediately pivoted, and referred to the passed legislation as their âenergy and climateâ initiative. Thatâs at least honest. Politiciansâ grand battle plan against climate change is clearly in motion. Plenty of their green energy company allies will immensely benefit from the billions funneled their way.
But many middle class and upper-middle class US taxpayers will be collateral damage. In the coming years, higher taxes, higher costs passed on by higher-taxed corporations and sustained inflation will be a tough trifecta to handle.Â
But nowâs not the time to lose your wits and throw up your hands. There are still legal solutions to mitigate or avoid onerous taxation. There are still strategies to deal with inflation.Â
To present inflation-protection and tax-savings solutions, we consulted with our trusted tax attorney. Weâll cover these, plus the high-level details of the IRA, in todayâs SMC Alert.
“Well, the âBuild Back Better Actâ sure looks deadâŠWith [West Virginia Senator] Joe Manchin not on board, thereâs no way theyâll pass the bill before the 2022 midterm elections.” Thatâs a snippet of a conversation between a Sovereign Man team member and our tax attorney from back in April 2022. He agreed with the sentiment. …