Want to know what the Inflation Reduction Act means for the market’s biggest companies, as well as for your wallet?

When it comes to politics, you always have to follow the money – and remember that the devil is in the details.

The Senate on Sunday passed the bill that’s designed to fight climate change, make significant tax changes, trim the federal deficit, cut drug prices for Medicare recipients and extend expanded health insurance subsidies under the Affordable Care Act. As it moves to the House of Representatives, the roster of the winners and losers under the bill is coming into sharper focus even before it goes to President Joe Biden.

For both winners and losers, the impact is more modest than you would think, given the sheer size of the numbers being bandied about. That’s because of details like strings attached to some of the new or extended tax breaks, or the schedule for implementing Medicare’s negotiations with big pharmaceutical companies over drug prices.

Changes will be more gradual than many headlines imply.

Beginning with the biggest-dollar provisions of the 10-year package of spending and tax cuts, these are some of the effects American corporations and citizens will see from the law. The two biggest changes are the bill’s deficit reducers – just two provisions of the law that account for 80% of its $300 billion in deficit reduction, according to Moody’s Analytics.

Continue reading at CNBC.