For most Americans, the end of November means the year is winding down, with just a few more weeks until the holidays. For Congress, however, the lame duck session is the last opportunity to fix some major taxes set to weigh down the economy in 2023.
Possibly the most urgent tax that needs to be addressed is the “book minimum” tax instituted as part of the Inflation Reduction Act (IRA). The book minimum tax is the product of politicians’ cognitive dissonance between (1) the fact that they dislike when businesses use deductions to reduce their tax liabilities and (2) the fact that those same politicians generally support the deductions being used.
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