The Biggest Market Winners and Losers in the Inflation Reduction Act
Among so-called spending in the bill is actually targeted tax cuts, which the congressional Joint Committee on Taxation calls tax expenditures. One of the three biggest ones in this package, which together account for three-fourths of the $313 billion in tax breaks, is an extension of existing health-care law.
The provision extends the credit for three years, adding nothing to the deficit after fiscal 2026, Moody's says. Without it, an estimated 3.1 million Americans would have lost health care coverage, estimates the Center on Budget and Policy Priorities.The other big headlines on the"spending" side of the bill are the extension of the $7,500 consumer income tax credit for the purchase of new electric vehicles, and the addition of a new, $4,000 credit for buying a used EV.
"It is basically like minting money right now. There's, like, software margins in lithium processing right now," Musk said on the recent earnings call."So I would really like to encourage, once again, entrepreneurs to enter the lithium refining business. You can't lose."A wind farm shares space with corn fields in Latimer, Iowa, U.S.
Ratepayers who own their own homes may also claim tax credits for shifting more of their home appliances to using electricity, which can be powered by renewables, rather than natural gas. Since most makers of electric hot water heaters and stoves also make gas models, it's not clear whether the law will cause any major shifts in market share.
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