That's just it Gay-RayGraves......NONE of this will ever happen. It's all smoke-&-mirrors. This is how authoritarian government operates.
https://finance.yahoo.com/news/4-ke...on-act-will-kick-in-right-away-182211474.html
Inflation Reduction Act: 4 ways it will kick in right away
Ben Werschkul·Washington Correspondent
Tue, August 16, 2022 at 2:22 PM·6 min read
Tax credits for energy related home improvements
Asked this weekend on CNN what Americans should expect to feel right away, Energy Secretary Jennifer Granholm pointed
first to tax credits around energy and Americans' homes.
“Immediately, people will be able to lower the fuel costs in their home,” she said.
She pointed to a new 30% tax credit for installing energy-efficient windows, heat pumps, or newer models of appliances. A second tax credit encourages people to install solar panels on their roofs.
“There are some things that take effect into the future — some that take effect right now,” Granholm acknowledged. But, she added, “A lot of the energy provisions and the energy-efficiency provisions are applicable right now.”
The
bill will include $14,000 rebates consumers can use when buying heat pumps or other energy-efficient home appliances. The new appliances would also help families then save on energy bills.
The White House says the 30% tax credit to install solar panels on roofs will make
the pricy undergoing more affordable and help
save Americans $9,000 on energy bills over the life of the system.
Overall, climate efforts form the centerpiece of the bill — and the Earth won't feel many of those benefits for some years. Still, the combination of provisions in the IRA could reduce greenhouse gas emissions by about 1 gigaton in 2030. That's “10 times more climate impact than any other single piece of legislation ever enacted,” the White House said.
Expanded EV tax credits
Another climate aspect of the IRA are expanded tax credits for electric vehicles. The credits are worth up to $7,500 for new electric vehicles and $4,000 for used electric vehicles that will be available immediately.
“If you install an electric vehicle charging station in your home, you can also get a tax credit,” Granholm says. The change is expected to be
good news for many EV makers, but details of the immediate rule changes could lead to some turbulence for EV buyers.
While in some ways the IRA expands the availability of the tax credit, it also has some strict requirements including a mandate that battery components come from the U.S. That has led some in the industry to worry that many vehicles
that currently get the credit will now be left out.
Health care changes
Some health care provisions of the bill will also go into effect soon
For Medicare Part D beneficiaries, the bill will limit insulin payments to $35 a month starting in 2023. It will
then cap all out-of-pocket drug costs to about $4,000 annually in 2024 and lower that cap further to $2,000 in 2025.
It will directly benefit about 1.4 million beneficiaries each year, according to the White House.
Biden
called out these provisions recently as “just one specific example” of the bill's quick impact.
The IRA also averts a major change that would have come had no action been taken. The 2010 Affordable Care Act had included provisions to help certain Americans with a subsidy for their health insurance costs that were scheduled to end this fall. Now they'll be extended for three years at a cost of about $64 billion.
"There's 13 million Americans who, starting this fall, will benefit from lower health care premiums as a result of this bill," Deese added on Tuesday. "Insurers will be sending out out letters in October of this year and because of this legislation people will see lower premiums in those letters."
Still, a major provision allowing
Medicare to negotiate for prescription drug prices won’t happen until 2026.
Oil drilling provisions
Finally, changes to oil drilling regulations backed by
traditional energy producers will also go into effect right away — though Biden and his aides might not tout these energy-friendly provisions to their Democratic base. These provisions may spur greater oil production, open new areas to drilling, and incentivize “carbon capture” technology.
For his part, Goldwein noted these changes as the one area that may impact inflation in calendar year 2022.
Sen. Joe Manchin (D-WV), a key moderate vote who helped craft the deal, repeatedly touted the energy provisions as fast-acting during a round of television appearances at the end of July.
“We have accelerated permitting, which is what they want, and we have increased production of energy, which is what they want,” Manchin
said on CNN, speaking of Republicans, who opposed the bill en masse.
