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The Inflation Reduction Act of 2022 (P.L. 117-169) was signed into law on August 16, 2022. This massive measure (273 pages in PDF) is intended to tamp down inflation and reduce the deficit. It also makes a number of changes to tax law that are favorable to Medicare beneficiaries, including enabling the government to obtain rebates from drug price increases in excess of inflation and limit monthly insulin charges to $25 starting in 2023; capping the out-of-pocket limit on what Medicare beneficiaries pay for their prescription drugs starting in 2025; and allowing Medicare to negotiate directly for prescription drugs starting in 2026.

Analysis of these and other provisions affecting individuals is beyond the scope of Treasury & Risk, but corporate treasury and finance professionals should know about a few key provisions affecting business taxes. Two of the big sources of revenue in the legislation—to pay for the tax breaks, healthcare, and deficit reduction—apply only to large corporations.

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