What the Inflation Reduction Act does and doesn't do about rising prices
subscribe to The NPR Politics Podcast podcast The massive climate, health care and tax bill making its way toward President Biden's desk is called the Inflation Reduction Act. But how much does it actually do to slow consumer prices that are climbing at their fastest pace in about 40 years?
Creation of a 15% corporate minimum tax rate: Corporations with at least $1 billion in income will have a new tax rate of 15%. Taxes on individuals and households won’t be increased. Stock buybacks by corporations will face a 1% excise tax.