US Economy

TL/DR - President Biden has proposed an additional $104 billion in funding for the Internal Revenue Service (IRS), on top of its $12.3 billion annual budget and the $80 billion already enacted in the Inflation Reduction Act. U.S. Sen. Mike Crapo of Idaho questions this substantial increase, pointing out that historically, the IRS's annual…

TL/DR - The Inflation Reduction Act funding is set to stimulate home energy improvements for American households, with twelve states accessing their share of nearly $9 billion in federal Home Energy Rebates. This funding will support energy efficiency upgrades and new appliances in low- to moderate-income households. Rebate recipients will…

TL/DR - The Inflation Reduction Act is a bill passed by the Biden Administration that sets aside $369 billion for investments in clean energy and climate health, aiming to cut America’s greenhouse gas emissions by about 40% below 2005 levels by 2030. The Act increases tax benefits for homes with installed solar panels and battery storage…

TL/DR - The US government has decided to extend tax credits for electric vehicles (EVs) containing Chinese graphite until the end of 2026, in response to a demand from EV manufacturers. This comes as part of the Inflation Reduction Act, which offers up to $7,500 in tax credits to EVs that meet certain requirements and are assembled in North…