Inflation Reduction Act

The Inflation Reduction Act of 2022 is a United States federal law which aims to reduce inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy. It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022.

Inflation Reduction Act Media

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  President Joe Biden signing the bill into law in the State Dining Room of the White House on August 16, 2022. (L-R) Senator Joe Manchin (D-WV), Senate Majority Leader Chuck Schumer (D-NY), Rep. Jim Clyburn (D-SC), Rep. Frank Pallone (D-NJ), and Rep. Kathy Castor (D-FL).

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  Inflation Reduction Act summary graphic from the White House

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  U.S. Treasury Department estimates of unpaid taxes indicate that over half of all unpaid taxes are attributable to the top 5% of earners.