Dear Neighbor:
Today we delivered on the promise we made to the American people to fight inflation and lower the cost of living. The Inflation Reduction Act will cut costs for prescription drugs, lower healthcare premiums, and reduce Americans’ energy bills while slashing the federal deficit and advancing climate rescue. And it won’t cost the middle-class a penny.
Starting next year, no senior on Medicare will pay more than $35 a month for insulin and from 2025, no senior will pay more than $2,000 a year out of pocket for their prescription drugs. We are finally doing something that both Presidents Trump and Biden campaigned on: saving taxpayers and patients money by allowing Medicare to negotiate down the price it pays for prescription drugs. We are also extending the subsidies that are saving Americans with Affordable Care Act health insurance coverage an average of $800 a year.
All this is responsibly paid for by requiring corporations with more than $1 billion in annual profits to pay more than zero taxes for the infrastructure and national defense they rely upon, and requiring billionaire tax evaders to pay what they actually owe. Nothing will satisfy my constituents more than knowing we are lowering the cost of prescription drugs while making Amazon pay taxes.
And because the bill reduces the federal deficit, 126 leading economists from across the political spectrum, including seven Nobel Laureates as well as five former Democratic and Republican Treasury Secretaries, have said it will also lower overall inflation.
The Inflation Reduction Act also makes the biggest investment in history in speeding our transition to clean American energy. In New Jersey, climate change is not an abstraction. It is five feet of water in our basement, 500-year storms happening every five years, and inland fire and police departments buying boats to rescue people from their second story windows. The investments in this bill will reduce the pollution and greenhouse gas emissions causing extreme weather by 40% by 2030. They will enable America – not China – to lead the world in the transition to clean energy, and New Jersey to lead America in creating the jobs of the future.
With the jobs created by last year’s infrastructure bill, the manufacturing investments in the CHIPS and Science Act, and now the cost-of-living relief in the Inflation Reduction Act, this Congress has delivered more for New Jersey’s middle class than any other in recent memory. Today, I am proud to have kept my promise to lower drug prices for seniors, to keep health insurance costs down, and to restore America’s leadership in fighting climate change. Tomorrow, we will continue our fight to remove the SALT deduction cap, which Washington Republicans have promised to extend beyond 2025, and to make even more far-reaching investments in American innovation and competitiveness. And we will work to expand the Congressional majority on which this progress depends.
Hope to hear from you soon,
Congressman Tom Malinowski
