Nick Begich Opposed The Inflation Reduction Act, Which Addressed Inflation, Held Big Corporations Accountable For Paying Their Fair Share In Taxes, And Created Hundreds Of Thousands Of Jobs

Begich Opposed The Inflation Reduction Act. Moderator: “Do you support the passage of the Inflation Reduction Act, August of 2022?” In response, Begich held up a sign reading, “No.” [YouTube, Anchorage Daily News, [24:34], 8/31/22] (VIDEO)

As Of September 2024, The Inflation Reduction Act Had Created “Less Than” 50 Jobs In Alaska Across Two Pre-Construction Hydropower Projects. [U.S. Department of Labor, Accessed 9/23/24]

2020: The Inflation Reduction Act “Would Have Saved” Over 1K Alaskans “Roughly $598 Per Year In Lower Out-Of-Pocket Costs.” “The Inflation Reduction Act lowered prescription drug costs for Medicare enrollees by capping insulin co-pays at $35 a month beginning earlier this year. Had these caps been in place in 2020, 1,026 people in Alaska would have saved roughly $598 per year in lower out-of-pocket costs.” [Joint Economic Committee Democrats, 8/1/23]

2023: Over 25K Alaskans “Saved An Average Of $622 On Their ACA Exchange Plans.” “The [IRA] also helped lower health insurance premiums for nearly 15 million low- and middle-income Americans by extending enhanced premium tax credits for Affordable Care Act (ACA) exchange plans. In Alaska, 25,572 people saved an average of $622 on their ACA exchange plans this year.” [Joint Economic Committee Democrats, 8/1/23]

Alaska Was Eligible For At Least $3 Million In IRA Planning Grants To “Support Local Efforts To Reduce Climate Pollution.” “Alaska is eligible for at least $3,000,000 in planning grants funded by the IRA that support local efforts to reduce climate pollution.” [Joint Economic Committee Democrats, 8/1/23]

The Inflation Reduction Act Tackled Inflation Long-Term

The Inflation Reduction Act Will Limit Inflation In The Long-Term, Despite Few Short-Term Impacts. The Inflation Reduction Act will limit inflation in the long-term, despite few short-term impacts on inflation. The bill will, “have no meaningful effect on inflation in the near term but would reduce inflation by around 0.1 percentage points by the middle of the first decade.” [Wharton School of the University of Pennsylvania, 8/12/22]

Senior Policy Director At The Committee For A Responsible Budget Said The Bill “Would Help Fight Inflation In 2023, 2024, And 2025” But “It’s Not Gonna Be Bringing Down The Inflation Rate In The Month Of September.” Marc Goldwein, the senior policy director at the Committee for a Responsible Federal Budget, stated “For the most part, this isn’t a bill about 2022. This is about 2023, 2024, 2025. It’s about helping the Federal Reserve to fight against persistent inflation. It’s not gonna be bringing down the inflation rate in the month of September.” [Vox, 8/7/22]

Democrats Argued That Since The Bill Will Pay For Itself And Reduce The Federal Deficit, It Will Help Bring Down Inflation. “Because the measure pays for itself and reduces the federal deficit over time, Democrats contend that it will help bring down inflation, an economic liability that has also weighed on their hopes of retaining legislative control in the run-up to the 2024 presidential election.” [Reuters, 8/7/22]

The IRA Ensured Corporations And Big Business Pay Their Fair Share In Taxes

The IRA Instituted A 15% Minimum Corporate Tax. The IRA instituted a 15% minimum corporate tax rate. According to the ITEP, “corporations with average profits of more than $1 billion over the previous three years will be required to pay taxes of at least 15 percent of their worldwide ‘book’ profits.” [Institute for Taxation and Economic Policy, 8/22/22]

The IRA Instituted A 1% Excise Tax On Corporate Stock Buybacks. The IRA instituted a 1% excise tax on corporate stock buybacks. [Institute for Taxation and Economic Policy, 8/22/22]

The IRA Allocated $80 Billion For Tax Enforcement. The IRA allocated $80 billion for tax enforcement, penalizing corporations and the wealthy who attempt to avoid US taxes. [Institute for Taxation and Economic Policy, 8/22/22]

The Inflation Reduction Act Introduced A Low Income Communities Bonus Credit Program

The Inflation Reduction Act Introduced A Low Income Communities Bonus Credit Program. The IRA introduced a credit that “provides up to a 10 or 20-percentage point boost to the Investment Tax Credit for qualified solar or wind facilities in low-income communities.” [U.S. Department of the Treasury, 10/20/23]

The Inflation Reduction Act Created Hundreds Of Thousands Of Jobs

June 2024: The IRA “Has Created More Than 300,000 Clean Energy Jobs.” According to the Huffington Post in June 2024, “U.S. companies have announced or moved forward with projects accounting for more than 312,900 new clean energy jobs for electricians, mechanics, construction workers, technicians, support staff and others.” [The Huffington Post, 6/24/24]

The Inflation Reduction Act Created Pathways To High Quality Jobs. “Inflation Reduction Act’s massive investments to fight the climate crisis will also help improve job quality in clean energy industries and incentivize the expansion of workforce training pathways into these jobs, which will help lift many people into the middle class. The legislation purposefully includes targeted labor and workforce development standards-primarily prevailing wage and registered apprenticeship targets-as well as significant investments in manufacturing and domestic content requirements for electric vehicles. Pairing climate action with the creation of good jobs-and pathways into those jobs-has long been a goal of many policymakers, especially President Biden, but the Inflation Reduction Act begins to turn that goal into reality on a scale not yet seen in the United States.” [Center for American Progress, 9/14/22]

BlueGreen Alliance: “Inflation Reduction Act Will Create More Than 9 Million Good Jobs Over The Next Decade.” “The more than 100 climate, energy, and environmental investments in the Inflation Reduction Act will create more than 9 million good jobs over the next decad-an average of nearly 1 million jobs each year.” The Allinance estimates that 5 million of these jobs will be in clean energy, 900,000 in clean manufacturing, 400,000 in clean transportation, 900,000 in efficient building, 150,000 in environmental justice, and 600,000 in natural infrastructure. [BlueGreen Alliance, Accessed 7/19/24]