White House economic adviser says $739 billion Inflation Relief Act ‘more than pays for itself’

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White House economic adviser Jared Bernstein said Tuesday that the $739 billion Inflation Relief Act “more than pays for itself” on “Your World.”

BIDEN RETURNS TO WHITE HOUSE TO SIGN INFLATION REDUCTION ACT FOR MULTI-STATE VISIT

JARED BERNSTEIN: There is no targeting towards the middle class. The IRS commissioner said audits are on the rise[ing] – are those above $400,000, and well above $400,000 in fact, because that’s where most of the tax evasion happens when it comes to actual dollar amounts. So we increase that revenue. And by the way, there is one other thing I want to correct. You seem to be implying that the only thing generating revenue on the bill is that, and it isn’t. There’s also a minimum corporate tax and a tax on buybacks, neither of which affect anyone below $400,000. But that bill pays for itself. It pays for itself.

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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!