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August 8, 2022

How A Bill Becomes A Law Pt 2

The Inflation Reduction Act is monumental in its scope and the positive impact it will have on our communities, country and planet. And now it has passed the Senate and is on its way to the House of Representatives. We expect passage there later this week — and then onto President's Biden's desk for signature.

The IRA is not perfect by any measure. But progress is never all at once, or neat. It is messy even in its biggest moments. This bill is imperfectly perfect because it is advancing progress so significantly, bringing disparate stakeholders together to find compromise, even as we work to a planetary deadline that is uncompromising.

__But make no mistake about it. The IRA represents monumental, game-changing progress. __

Details in brief

Did you miss our explainer on key provisions in the Inflation Reduction Act? Don’t worry. It’s here. Did you miss our brief on IRA provisions for disadvantaged communities? Don't worry. It's here.

IRA as an IRA: The Inflation Act as an Individual Retirement Account


How is the Inflation Reduction Act like an Individual Retirement Act? It will save Americans thousands of dollars over time, if these household energy savings are reinvested towards long-term savings. Our Head of Research, Steve Pantano, puts forth this most compelling case for the bill as a tool for helping low-income households save: This is roughly equivalent to the same household putting an additional 3 percent of salary into a retirement account over 25 years; doubling the typical employer retirement matching contribution. This is enough to bring retirement savings rates for low-income families up to par with the national average.

Appraising Arizona

We wanted Arizonans to know how much money the Inflation Reduction Act will save them. Spoiler alert: a lot!

Arizona IRA Savings