With the New Year come new tax laws. One new tax law, called the "Inflation Reduction Act" (IRA), makes the largest investment in combating climate change in U.S. history, lowers the cost of prescription drugs and raises taxes on corporations. Below are some other significant changes:
● Creation of a 15 percent corporate minimum tax rate: Corporations with at least $1 billion in income will have a new tax rate of 15 percent. Additionally, stock buybacks by corporations will face a 1 percent excise tax. Note that taxes on individuals will not be raised.