Democrats’ $370 Billion Tax and Climate Bill Is Here. 4 Ways Your Taxes Could Change in Its Wake 

Democrats' $370 Billion Tax And Climate Bill Is Here. 4 Ways Your Taxes Could Change In Its Wake  - Gettyimages 1242348477 510495

With the Democrats’ $437 billion climate and tax package poised for passage, businesses may want to give some more thought to the second part of that description: taxes.

In a Friday vote, the Inflation Reduction Act (IRA) passed the House of Representatives along party lines. The legislation, which already passed the Senate and now makes its way to President Biden for a signature, aims to clamp down on record high inflation by reducing the federal deficit and lowering drug prices, while also making a sprawling $369 billion investment in clean energy. It’s the largest investment in fending off climate change to date. Taxes on wealthier individuals and large corporations, along with a reform on prescription drug pricing, will largely fund the law.

Notably, lawmakers claim the IRA does not raise taxes on small businesses. But that doesn’t mean that entrepreneurs are unaffected by the law. Here’s some key changes to look out for.

A Stronger IRS

The Internal Revenue Services will…

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This article was written by Melissa Angell and originally published on www.inc.com