What you need to know
On August 16, 2022, President Joe Biden signed into law the Inflation Reduction Act of 2022 ("IR Act") with great fanfare. This was the culmination of over a year of work by the Democrat-controlled Congress to pass sweeping, non-COVID related, legislation. While the IR Act is substantial legislation, it falls well-short of the Build Back Better Act proposed in 2021 but never passed.
By way of background, in the latter half of 2021, there was a tremendous amount of legislative activity to attempt to pass the massive Build Back Better Act ("BBB Act") originally proposed at $3.5 trillion. The BBB Act was aimed primarily at significant tax reform, especially regarding assessing more taxes on higher income and higher net worth individuals, and businesses.
It also sought to combat climate change and expand affordable healthcare. Congress attempted to pass the BBB Act through the process of reconciliation which would allow a bill to pass with a mere majority of the votes in the House and Senate. This would allow the Democrat-controlled Congress to avoid Republican objections and lack of support. Unfortunately, the price of the BBB Act was too high even for some of the Congressional Democrats. Subsequent revisions to, and downsizing of, the BBB Act proposal also failed to attract enough votes.
Feel welcome to watch our video below to continue with this article and to learn what you need to know on the IR Act.
Build Your Asset Map
Like many businesses today, the financial services business is rapidly evolving. So, let us share with you how we are evolving as well.
We provide holistic planning, with a goals based approach, however the challenge today we find is that many of our clients don't have time or interest in reading a 60-page analysis of their financial condition. Nor are they served by taking months to take action to work on their financial goals, and to protect their families.
We have a need to communicate more effectively with you than ever before, that means ideally our analysis should be: One page=One idea: in an attempt to get to the bottom-line more efficiently and effectively than ever.
In order to do this, we have invested in a process called Asset-Map. Feel welcome to click on the image, or button below to explore and start your discovery process, and to get your Asset Map® Report, a visual snapshot of all of the financial elements of your household.
Then we can engage in the process of helping you map your progress towards achieving your financial goals, and living your Life Capitalized™.
*Tax laws are complex and subject to change. The information presented is based on current interpretation of the laws. Neither AIPS LLC nor Troy Barrow are permitted to provide tax or legal advice. This publication is intended for informational purposes only and does not constitute legal or tax advice. This publication is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code or any other applicable tax law. You should consult with and rely on your own independent legal and tax advisors regarding your particular set of facts and circumstances.