Inflation Reduction Act (IRA, 2022)

1) Link to the Text of the Act
Read the statute (Public Law 117–169)

2) Why It Was Done
The IRA was passed to lower prescription drug costs, invest in clean energy, reduce the federal deficit, and address inflation concerns. It represented one of the largest climate and energy investments in U.S. history.

3) Pre-existing Law or Constitutional Rights
Built on provisions from the Affordable Care Act (2010) (health subsidies) and prior clean energy tax credits. Expanded tax code authorities rather than creating new constitutional frameworks.

4) Overreach or Proper Role?
Supporters say it made historic climate and healthcare progress while reducing the deficit. Critics argue its impact on inflation was minimal, and that it represents federal overreach into markets and energy policy.

5) Who or What It Controls

• Medicare (gains power to negotiate certain drug prices)
• Taxpayers (corporate minimum tax, IRS enforcement expansion)
• Energy sector (clean energy incentives, fossil fuel penalties)
• Consumers (tax credits for EVs, energy-efficient home improvements)

6) Key Sections / Citations

• Medicare drug negotiation authority
• 15% corporate minimum tax
• $369 billion in climate and energy investments
• Affordable Care Act subsidies extended

7) Recent Changes or Live Controversies

• Drug price negotiation rules being implemented (first list of drugs released in 2023–2024)
• Ongoing lawsuits and industry pushback on tax and climate provisions
• Debate over how much it truly reduces inflation vs. long-term deficit

8) Official Sources

• Congress.gov – IRA 2022
• White House – Inflation Reduction Act Overview
• Congressional Budget Office – IRA Cost Estimates

• Economy
• Climate
• Healthcare
• Taxes
• Energy