Once again, Democrats made history: The Inflation Reduction Act passed the House and Senate and is now headed to President Biden’s desk.
This bill will lower the cost of prescription drugs, health care, and energy -- all while reducing the federal deficit and finally making big corporations pay their fair share. But there’s more: Middle-class families making below $400,000 won’t pay a penny more in taxes.
The Inflation Reduction Act will help lower costs for working families and build a better America. This is a huge win for President Biden, Democrats, and -- most importantly -- people across the country 🏆
Let’s take a closer look at what this historic bill really means, and everything else Democrats are up to →
Improving health care and lowering prescription drug costs
Not only will the Inflation Reduction Act allow Medicare to negotiate lower drug prices, but this bill will also cap out-of-pocket prescription drug costs for people on Medicare. It will lock in lower health insurance premiums for millions of Americans.
These measures will help make health care more affordable for families nationwide →
Making the biggest corporations pay their fair share
Under the Inflation Reduction Act, big corporations will have to pay a minimum tax on corporate profits, ensuring that they pay their fair share -- all without raising taxes on families making under $400,000 a year. This will help generate billions of dollars in revenue, helping to reduce the deficit and fight inflation.
Lowering energy costs and carbon emissions
The Inflation Reduction Act will make the largest investment ever in combating the existential crisis of climate change. In the process, it will strengthen our energy security and create jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers.
Not to mention, the bill will also provide tax credits to lower families’ energy costs by hundreds of dollars each year →
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