So, it’s that time of year.
Category Archives: Taxes
Hmm. It’s what we want- as long as it is proposed by OUR party!
When we were discussing the Inflation Reduction Act (sic), I mentioned that Senator Joe Manchin was arranging a major energy regulatory change to the act. One that would effectively speed up the approval process for energy related projects across the USA. Something that would annoy many of the NIMBY (Not in My Back Yard) and anti-fossil fuel contingents. Even though these same provisions are also critical for America to truly build a new electric grid- one capable of handling alternative energy with aplomb.
Continue reading Hmm. It’s what we want- as long as it is proposed by OUR party!
Hmm. Is that student loan really forgiven?
I really thought this was a problem for which few folks were paying attention.
Pipe Dream- or First Step?
Here’s something else that was in that tax bill. One I kind of glossed over.
And, I can guarantee that this provision- which is only a feasibility determination- if the IRS elects to proceed, there will be a LOT of screaming and yelling. Not from me- I’m all for it. But, Intuit (aka Turbotax), Jackson Hewitt, H&R Block and a slew of other tax preparers are clearly not in favor of this idea at all.
Inflation Reduction Act- Summary of Provisions (Slideshare)
Affordable Care Act, Medicaid, and the Pandemic Emergency
We’ve spoken how the Inflation Reduction Act (sic) includes many provisions that were started when the pandemic hit; in this case, an increased subsidy for those signing up for the Affordable Care Act. Had the Inflation Reduction Act not been passed, those folks would have seen a tremendous increase in the costs of their health insurance. And, with the public health emergency declaration, the ability to enroll in Medicaid was enhanced (and now continued)- so much so that 88 million folks are so enrolled (a 17% increase since the start of the pandemic in February 2020).
Continue reading Affordable Care Act, Medicaid, and the Pandemic Emergency
What About Those Drug Price Cuts for Medicare?
I bet you thought I forgot about this provision. Something the Democratic Party has been trying to provide Medicare recipients for years. Lowered drug prices because Medicare is granted the ability to negotiate pharmaceutical prices directly with the manufacturers and marketers. After all, Medicare is the largest purchaser of prescription drugs in the USA- and drugs are our fastest growing medical expense. And, since Medicare accounts for 20% of all medical expenditures in the USA, of which 1/3 are on prescription drugs, this is a big, big cost center.
Continue reading What About Those Drug Price Cuts for Medicare?
Not a tax provision per se, but part of the Inflation Reduction Act (sic)
I am sure you all recall that Senator Manchin was a key factor in getting the Inflation Reduction Act (sic) approved by Congress. What you may not recall is that there was another significant actor in that 50 (or 51, when Vice President Kamala Harris is included) votes needed for the reconciliation to be approved.
Continue reading Not a tax provision per se, but part of the Inflation Reduction Act (sic)
IRS changes with the Inflation Reduction Act (sic)
So, let’s debunk some of the BS that the GOP has claiming. The IRS certainly isn’t adding 87,000 armed agents. It isn’t even adding 87,000 agents. In fact, it’s not even adding 87,000 employees- unless one is looking at a ten year time period.
Continue reading IRS changes with the Inflation Reduction Act (sic)
Credit for buying an EV
Let’s get real. This new bill, the misnamed Inflation Reduction Act, does include a tax credit for those of us (who earn less than $ 150K [Single]/ $225K [Head of Household]/ $300K (Married) who purchase electric-powered vehicles (EV)