In a letter to the Democratic caucus, Pelosi called the proposed bill “life-changing legislation” for Americans.
The Democratic president of the House of Representatives Nancy Pelosi said yesterday, Wednesday, that the aforementioned legislature will vote on the Inflation Reduction Act tomorrow, Friday.
In her letter to parliamentary group of Democrats, Pelosi characterized the mentioned bill with $430 billion in climate, tax cut and health care spending passed by the Senate over the weekend, “life-changing legislation” for Americans.
There will be no increase in middle class tax audits
Treasury Secretary Janet Yellen told the Commissioner of the Internal Revenue Service (IRS) yesterday, Wednesday, that if the Inflation Reduction Act becomes US law, no additional IRS resources will be used to increasing tax audits on taxpayers with annual incomes below $400,000;
“This means that, contrary to misinformation by those who oppose this bill, small businesses and households with annual revenues of $400,000 a year or less will not see an increase in the likelihood of a tax audit,” said Yellen in a letter to IRS Commissioner Charles Retting.
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