The Congressional Budget Office (CBO) has estimated that the proposed Inflation Reduction Act would cut federal spending by $14.5 billion and raise $87 billion in revenue, reducing government deficits by nearly $102 billion over 10 years. The figures are a yearly average based on the bill’s projected impact from 2022 through 2031, the CBO said. The calculations by the CBO are similar to those of the Joint Committee on Taxation, the nonpartisan congressional body that evaluates the proposed law’s tax-related effects. According to the CBO, the bill’s 10-year, $124 billion increase in the IRS budget would generate $204 billion in new revenue by cracking down on tax avoidance. Call or visit our website for more information! www.mjscpa.com/
