Lee B Posted August 17, 2022 Report Share Posted August 17, 2022 Copied from Accounting Today: "Key effects on business in the bill that passed the House include: A 15% minimum tax on corporations with over $1 billion in revenue, with exceptions made for accelerated depreciation and for subsidiaries of private equity starting in 2023, to raise $222 billion; A 1% excise tax on stock buybacks, effective Jan. 1, to raise $74 billion; An $80 billion boost to the Internal Revenue Service budget to hire more agents, upgrade technology in order to boost revenue collection; An extension of loan loss limitation tax breaks from the Trump tax package; New Superfund taxes on oil companies; Drug prices negotiated by Medicare for the first time, with a tax penalty imposed on drug companies failing to abide by new prices; price negotiations begin in 2026 with 10 high-priced drugs; penalties imposed for price increases in sales to Medicare; A $2,000 per year cap on out-of-pocket costs for seniors enrolled in a Medicare drug plan; Approximately $374 billion in energy and climate-related provisions including tax incentives for green energy projects, a $7,500 tax credit for purchasing new electric vehicles and $4,000 credit for used EVs. Limits imposed on supply chain sourcing for EVs that qualify; and A three-year extension of subsidies for Obamacare premiums, preventing expiration of subsidies in 2023." 2 Quote Link to comment Share on other sites More sharing options...
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