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 | |
---|---|---|---|---|---|
Rep. Garret Graves | LA | 6 | Republican | No | |
Rep. Al Green | TX | 9 | Democrat | Yes | |
Rep. Mark Green | TN | 7 | Republican | No | |
Rep. Marjorie Taylor Greene | GA | 14 | Republican | No | |
Rep. Morgan Griffith | VA | 9 | Republican | No | |
Rep. Raúl M. Grijalva | AZ | 7 | Democrat | Yes | |
Rep. Glenn Grothman | WI | 6 | Republican | No | |
Rep. Michael Guest | MS | 3 | Republican | No | |
Rep. Brett Guthrie | KY | 2 | Republican | No | |
Rep. Josh Harder | CA | 9 | Democrat | Yes | |
Rep. Andy Harris | MD | 1 | Republican | No | |
Rep. Diana Harshbarger | TN | 1 | Republican | No | |
Rep. Vicky Hartzler | MO | 4 | Republican | No | |
Rep. Jahana Hayes | CT | 5 | Democrat | Yes | |
Rep. Kevin Hern | OK | 1 | Republican | No | |
Rep. Yvette Herrell | NM | 2 | Republican | No | |
Rep. Jaime Herrera Beutler | WA | 3 | Republican | No | |
Rep. Jody Hice | GA | 10 | Republican | No | |
Rep. Clay Higgins | LA | 3 | Republican | No | |
Rep. Brian Higgins | NY | 26 | Democrat | Yes |
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