I’m running for the U.S. Senate to be a fierce advocate for working people so we can continue building on legislation like this.
Today marks one year since President Biden signed the Inflation Reduction Act into law. That’s the landmark piece of legislation Democrats passed to reduce inflation and invest in families, which included two of my proposals to take on Big Oil and Big Pharma.
While some of this bill's provisions have already taken effect, others are still to come. Here are a few highlights:
- Medicare will be legally allowed to negotiate drug prices, lowering the cost of some of the most commonly used prescriptions.
- This bill will lower healthcare costs for millions of Americans by capping Medicare prescription costs and bolstering Affordable Care Act premiums.
- Historic new investments in clean energy are allowing us to lower emissions by 40% by the year 2030.
- Corporations making $1 billion or more a year will be subject to a 15% minimum tax, which will bring in an estimated $300 billion in new revenue.
- The IRS has been better funded to hold ultra-wealthy tax-cheats accountable.
This bill was an exciting and important step forward for our country. But there’s still so much more to do to lower costs for families and build a strong, stable, globally competitive economy. I’m running for the U.S. Senate to be a fierce advocate for working people so we can continue building on legislation like this.
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Thanks for following along,
Katie Porter
