WASHINGTON, DC—House Ways and Means Committee Chairman Richard E. Neal (D-MA) released the following statement celebrating the House of Representatives passing the Inflation Reduction Act:
“The Inflation Reduction Act is a historic win for America’s families and our planet. This transformative and substantive package will lower costs while investing in Americans’ health and our future climate security. It does so all by ensuring hugely profitable corporations are paying their fair share, just like American families do.
“The American people have weathered unthinkable hardship over the last two years, and with the trust they have given us, we put people over politics. We’ve led a remarkable economic recovery, and now, we will put money back into their pockets. Prescription drug costs will be capped for the first time for millions of our seniors, and low- and middle-income Americans will save hundreds on their health coverage and energy costs. Finally, our nation will chart a new path in our fight against climate change, generating millions of good-paying jobs and saving countless lives. All of this is possible without raising taxes on anyone making less than $400,000 per year.
“President Biden’s legislative wins are piling up high, and congressional Democrats aren’t slowing down. Soon, this bill will be signed into law, and we will be well on our way to a healthier, fairer, and more prosperous future for all Americans.”
This remarkable achievement contains several of House Democrats’ key priorities:
- Ensures no American is paying more than 8.5% of their income on health premiums by extending the enhanced ACA Premium Tax Credits through 2025;
- Lowers prescription drug prices by allowing Medicare to negotiate;
- Caps out-of-pocket costs for prescription drugs at $2,000 for Medicare Part D’s 50 million beneficiaries; and
- Tackles climate change by reducing emissions by 40 percent by 2030 and lowers energy and fuel costs for homeowners and businesses.
The Inflation Reduction Act is responsibly paid for by putting People over Politics, closing key tax loopholes that benefit the wealthiest corporations and taxpayers and honoring President Biden’s pledge to not raise the taxes of anyone making less than $400,000:
- Implementing a 15 percent corporate minimum tax on corporations making over $1 billion/year;
- Levying a 1% excise tax on public companies’ stock buybacks;
- Extending a provision in the tax code that limits the losses that the wealthiest taxpayers can write-off their taxes to $500,000 per year; and
- Providing the IRS with sufficient resources to collect revenue from well-heeled taxpayers who use sophisticated tax planning techniques to avoid taxes.
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