Team,
On Sunday, Senate Democrats passed the Inflation Reduction Act, a landmark piece of climate, health care, and tax legislation.
This is a huge win for America. The Inflation Reduction Act is a set of investments that will lower prescription drug and energy costs, extend health coverage for millions, and act on climate change all while creating millions of jobs and making corporations pay their fair share in taxes.
This legislation is proof that Democrats get the job done.
The Inflation Reduction Act completes a series of critical bills including the CHIPS for America Act and the PACT Act. It will head to the House this week for a vote before getting President Biden’s signature.
Two issues that I work hard on every single day were the focus of the Inflation Reduction Act: Health care and the climate.
I want to touch on the climate piece first. This transformative legislation is the biggest climate investment in U.S. history, Team. Experts say this bill will reduce carbon emissions by 40% by 2030.
Not only does this bill offer tax credits to lower the price tag on energy-efficient appliances, rooftop solar systems, and electric vehicles, but it includes $60 billion for investment in domestic clean energy manufacturing and $30 billion for a production credit tax credit for wind, solar, and battery storage.
Now, health care. The Inflation Reduction Act will lower the cost of prescription drugs for the millions of people on Medicare, including a $35 a month insulin cap. It will also extend subsidies for health insurance and allow Medicare to negotiate drug prices.
Democrats found a way to fund all these proposals while lowering the deficit.
The legislation will head to the House this week for a vote.
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