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US Economy

IRS Warns Against Fake Clean Energy Tax Credit Scams

TL/DR - The Internal Revenue Service (IRS) in the U.S has warned taxpayers against a scam involving the purchase of clean energy tax credits under the Inflation Reduction Act (IRA). The scam targets individuals filing Form 1040, falsely promising they can use these credits to offset income taxes - however, these credits can only be applied to…

Committee OKs resolution opposing EV credit rule

TL/DR - The House Ways and Means Committee approved legislation to overturn Biden administration regulations for implementing the federal electric vehicle tax credit. These regulations, published in May, detail standards for automakers on how to comply with Inflation Reduction Act requirements. However, Republicans argue that these regulations…

Inflation Reduction Act Fails to Meet Promises for Seniors

TL/DR - Changes to Medicare due to the Biden administration's Inflation Reduction Act could undermine benefits for seniors by giving Medicare the power to set drug prices, leading to a rise in medication costs for enrollees. There are concerns that the Act will also inhibit innovation in the pharmaceutical sector due to government price controls,…