Article Summary – President Joe Biden’s budget request for fiscal 2025 of $7.266 trillion proposes that the wealthy pay their fair share of taxes. It highlights spending categories such as $900 billion on defense, $1.029 trillion on domestic discretionary spending, and mandatory programs like Social Security ($1.543 trillion), Medicare ($936
Article Summary – The Inflation Reduction Act’s energy tax credits are still being implemented, but discussions are already opening up on the Tax Cuts and Jobs Act provisions, set to expire at the end of 2025. A recent Brookings Institution study explored options for climate tax policy changes for when
Article Summary – The BIG WIRES Act, which demands each region of the US increase the amount of electricity it can exchange with neighboring regions, could save the country between $330 million and $2.5 billion annually, according to researchers at MIT. The Act could also reduce climate pollution by approximately
Article Summary – The Inflation Reduction Act (IRA) in the US has led to significant growth in the country’s solar power and electric vehicle industries. In 2023, the US solar industry added a record-setting 32.4 gigawatts of new electric generating capacity, a 51% increase from 2022, thanks to the IRA.
Article Summary – The Farm Bill faces uncertainty, however, the Inflation Reduction Act of 2022 has provided a fiscal year’s worth of additional investments in farm conservation. The Act granted an extra $18 billion to four programs, including the Agricultural Conservation Easement Program and the Environmental Quality Incentives Program, resulting
Article Summary – The Biden administration plans to expand the Inflation Reduction Act’s Drug Price Negotiation Program to lower medication and healthcare costs, increasing the negotiation cap from 20 to 50 drugs annually. The expansion includes increased rebates for pharma manufacturers whose drug prices outpace inflation, application to all private
Article Summary – The Inflation Reduction Act (IRA) is expected to change how Medicare negotiates drug prices, projecting savings of around $300 billion in Medicare drug costs over the next decade. However, this may cause a reduction in revenues for the biopharma industry, totaling about $75 billion due to strict
Article Summary – The Inflation Reduction Act of 2022 has extended the elimination of the “subsidy cliff” in Obamacare through 2025, enabling middle-income Americans to afford health insurance more easily. The act has restructured the system, allowing those with incomes at or above 400% of the Federal Poverty Level to
Article Summary – The New York Public Service Commission is considering recommendations by the New York State Energy Research and Development Authority (NYSERDA) to use existing NY-Sun Program funding to exceed the state’s current 10-gigawatt solar generation goal. NYSERDA’s report suggests using $75 million of a projected $421 million budget
Article Summary – The US House of Representatives has passed the Inflation Reduction Act, poised to reshape American economy and environmental policy, and now awaits President Joe Biden’s signature. Designed to generate $737 billion in new revenue through tax and health care savings, the Act plans to invest $437 billion
Article Summary – The Biden administration has approved an additional $1.2 billion in student loan forgiveness, providing relief to 153,000 borrowers enrolled in the Saving on a Valuable Education (SAVE) Plan. This round of forgiveness targets borrowers who have been making payments for at least 10 years on college loans
Article Summary – Michigan lawmakers are reintroducing a film incentive program to attract film production companies to the region. The Multimedia Jobs Act will create a tax credit scheme, replacing the former 42% rebate of production costs, to encourage local job creation and boost customer traffic for small businesses. However,
