The New Inflation Reduction Act Explained

The New Inflation Reduction Act (the "IRA") was passed with a simple majority vote in the U.S. The IRA would raise approximately $450 billion to pay for deficit reduction, clean energy, and climate investments. Many of the original provisions that would have had significant impact for high net worth individuals have been stripped, including the estate and gift tax changes, carried interest tax changes, surcharges on wealthy individuals, and changes in tax treatment of trusts.