The Inflation Reduction Act of 2022 (IRA) is a law passed by the 117th United States Congress in August 2022. It "includes a first-time provision that would allow the U.S. Department of Health and Human Services to negotiate prices of certain prescription drugs in Medicare and Medicaid. Savings would be generated by requiring drug manufacturers to pay a rebate for drugs whose prices increase faster than inflation under Medicare, and would create several reforms in the Medicare drug program, also known as Part D, including a cap on out-of-pocket drug spending for seniors beginning in 2025. It also extends by three years the expanded and enhanced Affordable Care Act tax credit ahead of planned premium increases set to take effect in 2023." We estimate the impact on the African American community to be significant, on the order of 8% of the total. (For a detailed analysis, email info@creativeinvest.com). The law's climate provisions consist of "subsidies for energy that...
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