Inflation Reduction Act of 2022
The nonpartisan Congressional Budget Office estimated that the bill would have no statistically significant effect on inflation. The Penn Wharton Budget Model also estimated that the bill would have no statistically significant effect on inflation.
THE SCARY PART:
The Treasury has estimated additional funding for the Internal Revenue Service will enable the hiring of an estimated 87,000 IRS employees. Treasury Secretary Janet Yellen directed IRS Commissioner Charles Rettig to not use the new funding allocated in the bill to increase the rate of audits of those making less than $400,000 a year above historical levels, but to instead focus on "high-end noncompliance."
