Inflation Reduction Act changed a wide range of tax laws and provided funds to improve our services and technology to make tax filing faster and easier.| www.irs.gov
We estimate the House-passed reconciliation bill increases primary deficits by $2.8 trillion over 10 years. GDP rises slightly, as labor supply and savings respond to a reduced social safety net, but the dynamic score is larger ($3.2 trillion) than the conventional.| Penn Wharton Budget Model
Our preliminary analysis finds the tax provisions increase long-run GDP by 0.8 percent and reduce federal tax revenue by $4.0 trillion from 2025 through 2034 on a conventional basis before added interest costs.| Tax Foundation
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Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States. Their purpose is to spur economic growth and job creation in low-income communities while providing tax benefits to investors.| www.irs.gov
The Tax Cuts and Jobs Act changed deductions, depreciation, expensing, tax credits and other things that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly.| www.irs.gov
Check out @FiscalService Fiscal Data’s new national debt page! #NationalDebt| fiscaldata.treasury.gov
