On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA). The key revenue-raising provisions under the IRA include: a 15% Corporate Alternative Minimum Tax imposed on certain large corporations (expected to raise $222 billion over 10 years), a 1% excise tax on repurchase of corporate stock by certain domestic publicly traded corporations (expected to raise $74 billion over 10 years and also to offset any loss of revenue from the removal of the proposed changes to carried-interest rules in an earlier Senate draft), and a $79.6 billion increase for the Internal Revenue Service (IRS) appropriations and enforcement (expected to raise $204 billion over 10 years).
