If the IRA kickstarts a clean-energy revolution at home, abroad it signals that America takes seriously its leadership role on the climate
Save time by listening to our audio articles as you multitask; the House of Representatives is expected to follow suit within days. Once law, the act will shower $369bn of subsidies and tax credits over the course of a decade on renewable energy and electric vehicles, hydrogen hubs, carbon capture and storage, and more. It is the largest package of climate spending in American history.
So the party settled on a workaround: a new 15% minimum tax on book income reported by companies with profits of more than $1bn. Many tax experts are highly critical of this new levy. Book income is conceptually different from income as reported to tax authorities; taxing two separate statements of income will add complexity to America’s overburdened tax system.
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