Well, Congress did it…
They exhumed the remains of the 2021 “Build Back Better Act,” brushed off, reshaped and slimmed down the bill, rebranded it as the “Inflation Reduction Act” (IRA), and then passed it.
Oh, and then they immediately pivoted, and referred to the passed legislation as their “energy and climate” initiative. That’s at least honest. Politicians’ 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.
But now’s 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.
To present inflation-protection and tax-savings solutions, we consulted with our trusted tax attorney. We’ll cover these, plus the high-level details of the IRA, in today’s SMC Alert.
“Well, the ‘Build Back Better Act’ sure looks dead…With [West Virginia Senator] Joe Manchin not on board, there’s no way they’ll pass the bill before the 2022 midterm elections.” That’s 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. …