Congress has passed the Inflation Reduction Act (IRA) and President Biden is expected to sign it into law.
The $740 billion bill contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It's intended to reduce the U.S. deficit by about $300 billion. Other revenue would come from stricter enforcement of tax compliance by the IRS.
Here are some highlights of the bill.