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The House passed the Inflation Reduction Act, broadly popular legislation that will lower the cost of prescription drugs, health insurance, and everyday energy costs — all while reducing the deficit and carbon emissions, by making the wealthiest corporations finally pay their fair share.
Every Republican chose to play politics and voted against legislation that will benefit American families.
Here is what the Inflation Reduction Act does:
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Allows Medicare to negotiate drug prices and caps out-of-pocket spending for prescription drugs at $2000 per year.
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Lowers health care premiums by $800 per year for 13 million Americans covered under the Affordable Care Act.
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Is expected to reduce the deficit by more than $300 billion, which will help tackle inflation and lower costs for families.
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Takes the most aggressive action in history to combat the climate change crisis, reducing carbon emissions by roughly 40 percent by 2030.
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Lowers energy costs, increases cleaner production, strengthens our energy security, and creates jobs manufacturing solar panels, wind turbines, and electric vehicles in America.
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Establishes a minimum corporate tax so the wealthiest corporations finally pay their fair share and doesn’t raise taxes on those making under $400,000 a year.
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Pays for itself.
Separately, these components are a win for the American people and together they are set to reduce inflation. If Republicans had their way, none of this would be possible.
DCCC spokesperson Tommy Garcia:
“Democrats delivered historic legislation that puts people before politics, lowers costs, lowers the deficit, fights inflation, boosts energy production, and addresses the climate crisis. Republicans chose to play politics and did nothing to help address challenges American families face. The Democratic party is the only party fighting For The People and Republicans will have their own inaction to thank when voters reject them in November.”
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