Congressman Al Green Votes for Passage of Inflation Reduction Act

(Washington, D.C.) — On Friday, August 12, 2022, Congressman Al Green released the following statement:

“Today, I was proud to cast my vote in support of H.R. 5376 – Inflation Reduction Act of 2022, a bill that will put American families first. The Inflation Reduction Act (IRA) will reduce the amount of out-of-pocket money each person spends on healthcare and energy costs plus reduce inflation. Further, the IRA will help the U.S. address climate change and hold large corporations accountable by making them pay a fair income tax rate.”

“The IRA’s healthcare provision does several things to reduce rising costs for consumers. It reduces out of out-of-pocket costs by placing a $2,000 yearly price cap on prescription drugs and a $35 monthly price cap on insulin costs for Medicare beneficiaries. This bill also reduces the price of medications by allowing Medicare to negotiate prescription drug prices with pharmaceutical companies. Additionally, the IRA will continue to reduce healthcare costs for three more years for Obamacare health insurance plans, which would otherwise expire by the end of this year.”

“The IRA will reduce high energy costs while lowering pollution by promoting the use of clean energy goods. It offers tax incentives for home efficiency improvements such as rooftop solar panels and water heaters, as well as a tax credit of up to $7,500 for the purchase of new electric vehicles. Finally, this bill places a 15% corporate minimum tax on billion-dollar corporations (corporations making more than $1 billion), with no new taxes for families making $400,000 or less annually.”

“I am pleased that my colleagues and I were able to come together to pass this bill, which will address some of the most pertinent issues America is currently facing. I thank President Biden for his unwavering determination to get the IRA passed, as well as for his commitment to signing into law numerous historic bills during his time so far in the White House.”

“Thanks to President Biden, millions of Americans were provided relief through the American Rescue Plan; our roads and bridges will be rebuilt because of the Infrastructure Investment and Jobs Act; lives will be saved by the Bipartisan Safer Communities Act, the first significant gun safety reform law in nearly 30 years; manufacturing of semiconductor chips will now take place on U.S. soil thanks to the CHIPS and Science Act; Veterans who have worked in toxic environments will receive the healthcare they deserve as a result of the PACT Act; and we have the first Black woman sitting on the U.S. Supreme Court, Justice Ketanji Brown Jackson. I am proud of the work we have achieved under President Biden’s leadership in less than 20 months and look forward to continuing to deliver for the American people.”