President Joe Biden signed the Inflation Reduction Act into law Tuesday, which will help lower health-care costs, raise taxes on big corporations, reduce the federal budget deficit and inject a burst of cash to combat climate change.
After the signing, NDP Chair Jane Kleeb hailed this historic bill while continuing to hold the Republicans in Nebraska’s congressional delegation accountable for trying to derail the legislation, despite all it will do to help working families.
“The Inflation Reduction Act will lower costs on everything from prescription drugs to health care to home energy for Nebraska families,” said Chair Kleeb. “While Sens. Fischer and Sasse and Reps. Bacon, Flood and Smith sided with Big Pharma and voted against these cost-cutting measures — including capping the cost of insulin — Democrats are tackling Americans’ top concerns. And we’re doing it by making huge corporations pay their fair share and without raising taxes on anyone making under $400,000.”
Kleeb continued: “Democrats are getting things done for the American people while Republicans sit on their hands and take orders from Big Oil and Big Pharma.”
Specifically, the Inflation Reduction Act:
- Channels $20 billion to family farmers and ranchers to help with the climate crisis for programs like land conservation, water sensors, and no-till farming.
- Lowers energy costs by hundreds of dollars on average for many families, increases cleaner energy production, and reduces carbon emissions by roughly 40 percent in less than 10 years.
- Lowers prescription drug costs by allowing Medicare to negotiate drug prices and capping out-of-pocket costs for seniors to $2,000.
- Locks in lower health insurance costs by $800 on average for 13 million Americans who get their insurance through the Affordable Care Act exchanges.
- Fights inflation by reducing the deficit.
- Makes the tax code fairer by cracking down on the ultra-wealthy and large corporations so they pay their fair share in taxes.
- Does not raise taxes on families making $400,000 or less and no new taxes on small businesses.