Senators Joe Manchin and Chuck Schumer talking in a group

The Inflation Reduction Act is, without hyperbole, a transformative law that was miraculously passed at a time when our polarized political system is in gridlock. Despite the name, the law is focused more on closing tax loopholes, extending Affordable Care Act and healthcare provisions, and benefits to promote the adoption of renewable energy.

Initially part of the ambitious Build Back Better Plan, the scope was reduced from $3.5 trillion to $369 billion (accompanying a $737 billion raise) after Democratic Senator Joe Manchin (WV) publicly pulled his support. What followed were months of negotiations between Manchin and Senate majority leader Chuck Schumer.

Continue reading