Will the Inflation Reduction Act (IRA) reduce inflation? That remains to be seen. But one thing it will do: reduce taxes for many small business owners — or at least the business owners who take advantage of some of its provisions. A lot has been written about the new law’s tax increases, particularly on big corporations. There will be a new 15 percent alternative minimum tax on companies making more than $1 billion. And there will be a new excise tax on stock buybacks. On top of that, the IRS will receive $80 billion in additional funding to step up enforcement, a move that will impact both big and small firms. These factors have made me somewhat critical of the new law because tax
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