The Inflation Reduction Act of 2022, which passed along party lines with Democrats employing the budget reconciliation process, would raise an estimated $739 billion over the next decade, with the revenues going toward initiatives designed to combat climate change and curb pharmaceutical prices, as well as efforts to reduce the nation's $30 trillion debt.
It includes about $433 billion in new spending, while roughly $300 billion of the new revenue raised would go toward paying down the nation's deficit.
Some of the main revenue raisers stem from new levies on wealthy businesses, including a 1% excise tax on corporate stock repurchases
that is poised to take effect in 2023. Read more and see video here.