My biggest concern about the bill is that a huge chunk of the revenue raised ($124 billion) is purportedly going to come from increased IRS enforcement — enforcement that requires an $80 billion investment. But the image of a super-IRS going after wealthy corporations and rich billionaires who skirt tax laws is not the reality. Instead, the IRS usually spends its money where it is most efficient: Auditing the middle class and the most economically vulnerable taxpayers who can't afford teams of lawyers. According to The Washington Post, More than 4 in 10 of its audits in 2021 targeted recipients of the earned income tax credit, one of the country’s main anti-poverty measures.

The bill is a climate change and health care bill with very clear direct tax hikes on profitable corporations to offset the spending. It will almost certainly reduce emissions and, in the long term, bring more green energy onto the grid. Health insurance and drug prices for Medicare recipients and people on the ACA will probably come down. They may go up for others, depending on how private insurers react. Some of the new revenue will come from increased IRS enforcement, which could hit middle and lower-income people hardest. And, of course, corporations are liable to pass on tax hikes with increased prices or layoffs, along with stock shares falling.