Views on the Proposed Inflation reduction Act 2022"This is a great political document and last ditch efforts by the democrats to win votes in November. I'm sure the Democrats are counting on CNN and MSNBC to hype it as a good thing.
That aside, what's in it for investors?
1.....billions for the IRS to try and catch cheaters. This will do nothing to combat inflation. As a personal aside, as some of you know, I pay US income tax. I filed my return on March 19th and still haven't got my refund. Perhaps they should hire more people to process non resident alien tax returns!!
2....money for ObamaCare....this is purely political and will do nothing to help inflation or really help poor people in the US. When ObamaCare was passed, since I have a US social security number I was able to go and see what I would pay for health care if I was actually an American. While the Bill will try and reduce the cost of prescrption drugs the fact of the matter is that the health premiums and deductibles are so high that most people are bankrupt before they can get coverage.
3...Corporate minimum 15% tax. This is a joke. If they actually get what they say they will get, it will do two things. One increase the chances of a recession and increase inflation as these large companies pass on the tax increase to their customers. That said most likely, companies of that size will change their operations and use non US subsidiaries to make stuff and thereby increase unemployment int he US and hence increase the chances of a recession. So either way this proposal heightens the chances of a recession in the US.
There is more but I think you can get the idea that this is a scam to try and convince the uninformed to vote democrat but the end result is bad for Americans and for the matter others such as Canadians.