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The Indicator from Planet Money

Paying for the Inflation Reduction Act

The Indicator from Planet Money

NPR

Business

4.79.2K Ratings

🗓️ 11 August 2022

⏱️ 10 minutes

🧾️ Download transcript

Summary

The Inflation Reduction Act has it all, from fighting climate change to cutting drug prices. But today, we're zooming in on one aspect of the bill. The changes to corporate taxes.

Transcript

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0:00.0

NPR.

0:11.4

This is the indicator from Planet Money, I'm Darien Woods.

0:14.2

And I'm Patty Hirsch.

0:15.6

The inflation reduction act nice squirming its way through Congress has a bit of something

0:20.3

for everyone.

0:21.3

Well, almost everybody.

0:22.7

So this bill is supposed to fight climate change, trim the fiddle deficit, cut drug prices

0:27.5

for Medicare recipients.

0:29.6

And it's meant to extend expanded health insurance subsidies under the Affordable Care

0:33.5

Act.

0:34.5

Win, win, win, win.

0:35.5

It's a lot of wins.

0:36.5

But somebody's going to have to pay for that.

0:38.0

Yeah.

0:39.0

And it turns out it could be large corporations.

0:41.9

US companies that average a billion dollars a year in income could well be dinged by a new

0:46.7

tax.

0:47.7

This designed to get a grip on all of the tax avoidance we hear that goes on in corporate

0:51.4

America.

0:52.4

So the idea is that this new so-called book tax or corporate alternative minimum tax or

0:58.5

tax ramped for sure.

0:59.5

I don't know.

...

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