May 29, 2024 9:06 am
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National News

How Will The Inflation Reduction Act Raise $739 Billion in Revenue?

Credit: iStock

Over the next ten years, the Inflation Reduction Act (IRA) will bring in just under $740 billion and invest $433 billion of that back into programs laid out in the bill. These programs include energy tax credits and extending the subsidies on Affordable Care Act premiums. Meaning that $300 billion will be left over for reinvestment into other programs. 

The bill will bring in the nearly $740 billion by implementing a 15% tax on corporations making $1 billion or more in profit, capping the monthly price of prescription drugs to $2,000/month for individuals on Medicare, funding for the IRS to help increase tax enforcement, and creating a 1% excise tax on stock buybacks. 

The Inflation Reduction Act, with these implementations and improvements to the tax and health care system, will bring in more money for the government than the bill spends on this bill.

Georgia Supreme Court justices appear skeptical of Athens DA’s claim of open records exemption

In an upcoming ruling, Georgia’s Supreme Court will weigh in on a claim brought by Athens-Clarke District Attorney Deborah Gonzalez, arguing that top prosecutors are exempt from the state’s open records laws. The case involves assertions that the trial court overlooked a constitutional provision in denying Gonzalez’s motion to dismiss an open records complaint, mirroring similar immunity arguments made by Fulton County District Attorney Fani Willis in a separate case related to the 2020 presidential election interference.

CNN sets first Biden-Trump presidential debate for June 27 in Atlanta

CNN announced today that it will host a debate between President Joe Biden and presumptive Republican presidential nominee Donald Trump at the network’s Atlanta studios on June 27, with no audience present. Both candidates have agreed to participate, marking a pivotal moment in the lead-up to the November election as they engage in direct exchanges over key issues.

Georgia public colleges to expand admissions testing requirements for fall 2026

Georgia colleges are reverting to requiring standardized test scores for all new applicants, signaling a shift from pandemic-era policies. Beginning in fall 2026, institutions including Augusta University, The University of Georgia, and Georgia Tech will mandate SAT or ACT scores, a decision unanimously approved by the Georgia Board of Regents.