Today, I voted to pass the Inflation Reduction Act, landmark legislation to lower costs for families, create millions of good-paying jobs, deliver the most significant action on climate in history, and dramatically reduce the deficit. I am proud to report our bill is now headed to President Biden’s desk to be signed into law.   

Making Health Care More Affordable

More than a decade after Democrats fought to make the Affordable Care Act law, we are building on that achievement to lower health insurance premiums and the cost of prescription drugs. The Inflation Reduction Act will ensure no American pays more than 8.5% of their income on their premiums. The average Connecticut resident enrolled through the Access Health CT insurance exchange will save $800 per year on their health insurance. 

Lowering the Cost of Prescription Drugs

Since I came to Congress, allowing Medicare to negotiate drug pricing to lower costs has been one of my top health care priorities. This legislation will make that a reality. Additionally, insulin costs will be capped at $35 per month for Medicare recipients and no senior will pay more than $2,000 in annual out-of-pocket costs for prescription drugs.

Investing in Climate Solutions

This legislation is the largest investment in our nation’s history to combat climate change and will finally provide the action our country has demanded. I joined my colleagues on the Ways and Means Committee to expand green energy deployment and build upon that work with new, targeted incentives. The Inflation Reduction Act includes my legislation to support Clean Hydrogen, a critical industry for our environment and Connecticut’s manufacturing economy. Together, these policies mean more good-paying American jobs and a cleaner environment.

The Inflation Reduction Act will deliver for middle- and low-income Americans by ensuring our nation’s largest corporations pay their fair share and does so without raising taxes on those making less than $400,000 a year or placing new tax burdens on small businesses. I will keep fighting in Washington to deliver lower costs, increased access to health care, and climate action to Connecticut’s First District. 

To follow what I’m working on both in Washington and in Connecticut, visit my Facebook page, follow me on Twitter, or follow me on Instagram.   

Regards,

John B. Larson
Member of Congress