Congress Appropriated Funds to Reduce Inflation and Global Warming
- Author: Michael Bordonada
- Posted: 2024-07-29
The Inflation Reduction Act is a 10-year plan to invest in critical infrastructure, mediate the effects of climate change, protect wildlife and forests from fires, and invest in renewable energy and sustainable agriculture in the United States.
The federal law also subsidizes the Affordable Care Act and reduces the cost of prescription drugs.
The law expands and revitalizes the IRS to benefit taxpayers and is projected to lower greenhouse gas emissions in the United States to 40% below the 2005 level by 2030.
The Forest Service Reduces Global Warming
The Inflation Reduction Act invests $5 billion in the forest service to harvest wood products and invest in urban forests which absorb 14.8 percent of carbon emissions and $11.9 percent of all the greenhouse gases in the United States. Freely flowing water through sustainable forests and grasslands preserve our natural environment and protect our communities from forest fires.
You Earn Retirement Benefits by Returning to Work Despite Inflation
If your job was deemed nonessential at the beginning of the stay-at-home phase of the pandemic and you collected unemployment benefits throughout the worst of it, you were fortunate to return to work when you did. You were catching up on your bills and paying your debts when the price of gas soared and food prices increased dramatically. Many Americans have been medicated for mental health problems to help them function sedately during this time of rising inflation. Look beyond the present hardship to see the long-term benefits of returning to work. You're contributing to your social security, pension, and uninemployment account.
The Internal Revenue Service (IRS) Added Inflation Fighting Tax Credits
The IRS expanded digital access to its services. Online tax professionals at the IRS are available to answer questions and advise callers which means more efficient service with less waiting on the phone.
Seniors Can Receive the Earned Income Credit
By removing the age ceiling on who can receive earned income credits, the IRS now pays retirees who work and collect social security. Seniors who supplement their social security and pension payments by working may receive a $1,000-tax-credit to help them beat inflation.
IRS Electric Vehicle and Alternative Fuel Credits
The IRS offers a substantial tax credit for those who reduce energy consumption by purchasing a plug-in electric vehicle. The Internal Revenue Service is offering an alternative fuel credit for the 2022 tax season that helps taxpayers recover a percentage of the money that they spent on blended gasoline.
IRS Golden Parachute Excise Tax
If you retired early to receive a large lump sum severance payment, your employer is required to pay a 20% golden parachute excise tax on your behalf. Severance payments can include benefits, vacation time, sick leave, or training to prepare for a new position in another company. Severance agreements are discretionary and not required. Severance agreements often require employees to hold employers harmless for loss of income or benefits that a court might award them.
Interest Earned on Your Savings
If the consumer price index is greater than the interest rate paid on your savings, you're actually losing money. Treasury inflation-protected securities (TIPS) are scaled to inflation rates. The interest rate on the Treasury bond increases with the inflation rate and interest is paid every six months. The stock market pays the greatest return on investment. Sixty-eight percent of all investment traders advise investing in energy or health care industries rather than worrying about a recession. Investors are wise to purchase gold and silver. Interest rates are supp ose to decline during 2023.
The Rural Energy for America Program (REAP)
The Rural Energy for America Program will award up to $2.025 billion, enough to engage 41,000 farms, through use of the Internet. The Inflation Reduction Act is an attempt to lower health care and energy costs. REAP attempts to make the super wealthy and large corporations pay their fair share.
Information Is the Key to Reducing Inflation
Wonderous funds for infrastructure projects, forestry, farms, and electric cars create new jobs and spur investment in our economy. Investing your money wisely is a great way to beat inflation. Information is the key to prospering during these inflationary times. The rate of inflation decreased slightly during the last quarter of 2022 and is expected to peak during 2023. The value of a dollar dropped slightly while the value of the British Pound Sterling increased.
