The Inflation Reduction Act Is Delivering For American Families One Year Later
On August 16, 2022, President Biden signed the Inflation Reduction Act into law. A historic investment in clean energy and creating opportunities for Americans everywhere, the Inflation Reduction Act is lowering costs for families, creating good-paying jobs, growing our economy, and taking on special interests.
LOWERING COSTS FOR AMERICAN FAMILIES
- Secures access to affordable health care for nearly 15 million Americans, saving them an average of $800 a year by extending health care discounts in the American Rescue Plan, helping the number of uninsured Americans reach an all-time low in early 2023.
- Saves nearly 19 million Americans approximately $7.4 billion annually on prescription drug costs starting in 2025 when cost-reducing policies, like a $2,000 cap on annual out-of-pocket pharmacy costs for Americans with Medicare, go into effect.
- Caps insulin prices for seniors and other Medicare beneficiaries at $35/month, saving an estimated 1.5 million people who use insulin an average of $500 each year.
- Allows Medicare to finally negotiate prescription drug prices starting in 2026, slashing prices and saving taxpayers nearly $100 billion over the next 8 years.
- Unleashes the power of cleaner, cheaper energy to save families hundreds of dollars on their energy bills every year and provides thousands of dollars in discounts to help families upgrade to more efficient appliances and vehicles.
GROWING THE MIDDLE CLASS
- Delivers a clean energy future that is Made-In-America, with over 170,000 new jobs and $278 billion in investments – and counting – already announced in 44 states.
- Lays the foundation for the future of our economy with historic investments in clean energy and American manufacturing that are projected to create millions of jobs and reduce carbon pollution by 40 percent by 2030.
- Gives more Americans a path to the middle class by expanding workforce training and registered apprenticeship programs to create good-paying jobs that don’t require a college degree.
MAKING THE WEALTHY PAY THEIR FAIR SHARE
- Achieves hundreds of billions of dollars in deficit reduction without a penny in new taxes on families making under $400,000 per year.
- Ensures billion-dollar corporations are contributing to the communities they rely on with a 15% minimum tax for large corporations.
- Gives the IRS the resources they need to take on wealthy tax cheats while improving services for families, reducing average wait times from 27 minutes to 4 minutes.