Potential financial burden of the Inflation Reduction Act

A new report from the Cato Institute is raising alarms over the potential financial burden of the Inflation Reduction Act (IRA), suggesting it could cost taxpayers between $936 billion and $1.97 trillion over the next decade, and as much as $4.67 trillion by 2050. This estimate starkly contrasts with the initial $370 billion cost projected by Democrats when the act was passed in 2022.

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