April 20, 2024 7:50 am
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National News

The Inflation Reduction Act’s Impact on Tax Reform


Last week, Congress passed the Inflation Reduction Act (IRA) which creates new tax reforms primarily affecting corporations. The IRA will not add any new taxes for small businesses or families making less than $400,000/year. Instead the legislation creates a new 15% minimum tax for corporations making more than $1 billion in profit. This reform is estimated to bring in about $258 billion dollars within the next decade which will be put back into governmental programs. 

Senator Krysten Sinema (D-AZ) pushed back against other Democrats attempts to reduce the carried interest loophole which allows investment managers to identify their compensation as capital gains rather than income which significantly reduces their tax rate. To compromise, Sinema and other Democrats agreed upon a 1% excise tax on stock buybacks which will bring in about $14 billion in the next decade after it goes into effect in 2023. 

To help enforce these tax reforms and current workload, the Internal Revenue Service will get additional funding to help add more employees and management. This addition will increase tax revenue by $124 billion in the next 10 years. 

Georgia Legislature approves coverage to help first responders cope with job-related PTSD treatment

The Ashley Wilson Act, named for Gwinnett police sergeant Ashley Wilson, passed unanimously in the Georgia House of Representatives, aiming to provide supplemental health insurance for first responders diagnosed with PTSD due to on-the-job experiences. This landmark legislation, celebrated for its potential to significantly aid in the recovery and support of traumatized first responders, reflects a broader recognition of PTSD’s serious impact on public safety personnel, promising financial and treatment support beginning January 1, 2025.

FAFSA delays pose challenges for Georgia college-bound students

Students across Georgia are facing delays in the Free Application for Federal Student Aid (FAFSA) process, particularly challenging due to its late January rollout and additional complications for mixed-status families. Despite these setbacks, the Department of Education has implemented fixes for major issues, and officials, including MorraLee Keller of the National College Attainment Network, urge students not to give up on securing financial aid for college.