August 12, 2022
“Today, Congress passed historic legislation that will improve the lives of the American people. The Inflation Reduction Act meets the moment by taking action to reduce inflation while also lowering health care costs and accelerating the transition to clean energy. The bill pays for these crucial investments by reforming our tax code to close unfair loopholes and ensure that the ultra-wealthy and big corporations pay their fair share.
“This bill includes the single largest climate investment in our nation’s history and will result in tangible progress in our fight against the climate crisis. The investments included in the bill will accelerate our clean energy economy, putting us on a path to reduce emissions by roughly 40 percent by 2030. The bill will support the production of more affordable and reliable clean energy right here at home, which will create millions of good-paying American jobs and reduce our reliance on other countries. It prioritizes investments in underserved communities, with upwards of $60 billion going towards environmental justice priorities. Over the next decade the Inflation Reduction Act will prove that clean energy is not only a win for our environment but also for our economy.
“Crucially, the Inflation Reduction Act will also lower health care costs for Americans by extending the expanded Affordable Care Act subsidies through 2025, finally allowing Medicare to negotiate drug prices, and capping out of pocket costs at $2,000 for Medicare beneficiaries.
“The passage of the Inflation Reduction Act is a testament to the persistence of the Biden-Harris administration and Congressional Democrats. While Republicans in Congress reject proposal after proposal to address the many challenges we face, Democrats will continue our work to advance legislation that will make a meaningful difference in the lives of the American people. I am thrilled to see this bill pass out of the House today, and I look forward to seeing President Biden sign it into law.”
A one-page summary of the bill can be found here.
A fact sheet about the tax provisions included in the bill can be found here.
A fact sheet about the prescription drug provisions included in the bill can be found here.
A fact sheet about the energy investments included in the bill can be found here.