WATCH: Congressman Mfume's Remarks on the Inflation Reduction Act

Dear Friend,

Today is a great day for all Marylanders and Americans. My Democratic colleagues and I just passed the Inflation Reduction Act in the U.S. House of Representatives, and the bill is now on its way to President Biden’s desk to be signed into law.

While some people are focused on serving the wealthy, the well-off and the well-connected, the Inflation Reduction Act is all about serving you, the everyday American.  

For those who’ve had to choose between paying for their prescription drugs or putting food on the table, please know the Inflation Reduction Act is all about driving down the skyrocketing price of prescription drugs, keeping out-of-pocket costs capped, and putting money back in your wallet.

On the health care front, the Inflation Reduction Act will:

• Allow Medicare for the first time to negotiate the price of high price prescription drugs
• Cap Medicare recipient out-of-pocket prescription drug costs at $2,000 for the 1 million Marylanders qualifying for Medicare
• Cap the monthly cost of covered insulin products at $35 for the 50,000 Marylanders on Medicare that have diabetes and are on insulin
• Extend Affordable Care Act subsidies for three more years, locking in lower health care premiums that will save 153,000 Marylanders about $80 per month

Like some of you, I’m both a parent and grandparent to a wonderful family. Like you, I also want to leave this world in a better, safer and healthier way for my grandkids and theirs. That’s why I’m excited that the Inflation Reduction Act makes the largest investment in clean energy and climate change in the history of our nation.

On the climate crisis, the Inflation Reduction Act will:

• Reduce carbon emissions by 40% in just a few years
• Offer a tax credit of up to $7,500 for qualified new electric vehicles and $4,000 credits for qualified used electric vehicles
• Allow up to $1,200 a year or 30% of the total cost of energy efficiency upgrades for things like new doors and windows to more efficient appliances

And lastly, this legislation is completely paid for and makes sure that no families making $400,000 or less will see any increase in their taxes.

How do we do this? In addition to the billions that will be saved from the lower costs of health care, we also make sure that the largest corporations start paying their fair share in taxes with a minimum 15% tax on the top 150 corporations earning over $1 billion in profits. If everyday Americans from schoolteachers to firefighters have to pay taxes, those at the very top should as well.

The Inflation Reduction Act serves as a reminder of what we as Democrats are all about: if you work hard and play by the rules, you should be able to afford the health care you need, breathe clean air and drink fresh water, get a good-paying job and have a fair shot. 

I thank you all for your support in helping me get this historic legislation across the finish line, and I can’t wait to see the life-changing effects the Inflation Reduction Act will have on us in Maryland’s 7th Congressional District.

Sincerely,

Kweisi Mfume
Member of Congress