The Inflation Reduction Act, or IRA, will lower prescription drug, health care and energy costs. It will lower the deficit, and no one making less than $400,000 per year will pay a penny more in taxes.
Because the Biden-Harris administration has been successful in tackling the climate crisis, the IRA will reduce energy bills, saving families and small businesses about $500 per year. With just these two measures, one could save about $1,300 per year. Additionally, small businesses can deduct up to $1 per square foot of their business for making high energy-efficiency upgrades. The per-square-foot deduction is boosted if the efficiency upgrades are completed by workers paid a prevailing wage.
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