Biden signed the Inflation Reduction Act (IRA) into law
- Already, the Congressional Budget Office projects that the law will have zero impact on inflation.
- Biden's IRA raises tax revenue by imposing a 15 percent tax on corporate book income (the income that corporations report on financial statements to shareholders).
- Outlines the definition of taxable income from the Internal Revenue Code-written by the people's elected representatives to Congress-to the private, unelected Financial Accounting Standards Board.
The Tax Cuts and Jobs Act (TCJA)
- The TCJA was a fiscal white whale that Democratic leaders promised to harpoon, yet they left it unscathed. One explanation for why comes from Manhattan Institute senior fellow Brian Riedl.
- Perhaps Democrats became trapped by their own successful messaging campaign against the TCJA, which prevented them from publicly admitting its merits.
That work belongs to a future Congress.
- For now, the TCJA remains intact
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https://www.city-journal.org/why-the-democrats-kept-trumps-tax-reform
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