5 ways the Inflation Reduction Act could save you money
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The measure promises lower health-care and energy costs for American families. Here’s what that could mean for you.
The Inflation Reduction Act is Congress’s latest effort to usher in a new era of greener climate change policy. But for millions of Americans, the bill could mean big savings when making big-ticket green purchases, as well as lower energy and health-care costs and even faster tax filings.
Although President Biden signed the Inflation Reduction Act on Tuesday, most Americans won’t see any money saved — including on inflation, despite the bill’s name — anytime soon.
Here’s a look at how the Inflation Reduction Act could affect your family’s finances, both now and in the future.
1. Lower energy costs
2. Tax credits for switching to electric vehicles
3. Faster tax refunds
4. Cheaper prescription medications for seniors
5. Lower prices on other items — maybe, eventually
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