Inflation Reduction Act
August 12, 2022 | H.R.5376
The Inflation Reduction Act (IRA) brings down the cost of healthcare for families and makes historic investments in domestic energy production and manufacturing; all paid for by fixing our tax code so the wealthy and biggest corporations pay their fair share and without raising taxes for people who make under $400,000.
HEALTH CARE
The IRA includes important provisions to lower health care costs and the cost of prescription drugs. Overall, the bill will save millions of seniors over $1,200 per year. Specifically, the law:
- Empowers Medicare to negotiate directly for the price of the highest cost prescription drugs beginning in 2026, alleviating the high and rising cost of drugs under our retiree health plans;
- Requires drug manufacturers to pay rebates to Medicare if they raise the cost of their drugs at a rate faster than inflation, ensuring that all our members and retirees are protected from price spikes;
- Extends the enhanced ACA premium tax credit for three years, which will prevent 13 million people from experiencing an increase in ACA premium;
- Caps Medicare Part D out of pocket cost at $2,000 per year for prescription drugs; and
- Limits cost for insulin to $35 monthly for Medicare beneficiaries
DOMESTIC CLEAN ENERGY MANUFACTURING
The IRA makes historic investments to lower energy costs, revitalize U.S. manufacturing, and support and create good union jobs:
- Creates nearly 9 million good jobs in clean energy, clean manufacturing and other sectors through investments to accelerate clean energy deployment and boost clean technology manufacturing;
- Gives up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles;
- Will save working families an average of over $500 per year on energy costs, using home energy appliance rebates and tax credits to make homes more energy efficient;
- Supports and develops the domestic production of sustainable fuel by providing tax credits to airlines who purchase sustainable fuel to help reduce emissions and lower airfare costs; and
- Provides tax credits for investments in American-manufactured clean energy manufacturing and for the use of American-made equipment for clean energy production.
TAXES
The IRA makes the tax code fairer by making the rich and corporations pay their fair share:
- Institutes a 15% corporate minimum tax, guaranteeing that large profitable corporations that have evaded taxes for years will pay their fair share;
- Strengthens enforcement against tax dodging by the super-wealthy and big corporations;
- Imposes a 1% excise tax on corporate stock buybacks, which corporate executives use to enrich themselves at the expense of workers and the company’s long-term success.
This is Good for working people.
Vote result:
Passed
Legislator Sort descending | State | District | Party | Vote | |
---|---|---|---|---|---|
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Rep. Julia Brownley | CA | 26 | ![]() |
Yes |
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Rep. Vern Buchanan | FL | 16 | ![]() |
No |
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Rep. Ken Buck | CO | 4 | ![]() |
No |
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Rep. Larry Bucshon | IN | 8 | ![]() |
No |
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Sen. Ted Budd | NC | ![]() |
No | |
![]() |
Rep. Tim Burchett | TN | 2 | ![]() |
No |
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Rep. Michael C. Burgess | TX | 26 | ![]() |
No |
![]() |
Rep. Cori Bush | MO | 1 | ![]() |
Yes |
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Rep. Cheri Bustos | IL | 17 | ![]() |
Yes |
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Rep. G. K. Butterfield | NC | 1 | ![]() |
Yes |
![]() |
Rep. Ken Calvert | CA | 41 | ![]() |
No |
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Rep. Kat Cammack | FL | 3 | ![]() |
No |
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Rep. Salud Carbajal | CA | 24 | ![]() |
Yes |
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Rep. Tony Cárdenas | CA | 29 | ![]() |
Yes |
![]() |
Rep. Mike Carey | OH | 15 | ![]() |
No |
![]() |
Rep. Jerry Carl | AL | 1 | ![]() |
Not Voting |
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Rep. André Carson | IN | 7 | ![]() |
Yes |
![]() |
Rep. Buddy Carter | GA | 1 | ![]() |
No |
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Rep. John Carter | TX | 31 | ![]() |
No |
![]() |
Rep. Troy Carter | LA | 2 | ![]() |
Yes |
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