Dear Friends,

Yesterday, Congressional Democrats passed the Inflation Reduction Act, a historic investment in our nation's health, climate, and economy. This legislation is the product of years of hard work, collaboration, and tenacious negotiations between Democrats in the House and Senate with a shared goal of making our country more livable, healthy, and economically secure.

I am proud that we stuck with our important, non-partisan priorities for America, even when Republicans basically gave up on the process, and refused to address the climate crisis, among other things. It speaks volumes that not a single Republican voted to support this bill. This is a missed opportunity to unite with Democrats around what Americans care deeply about–the economy, healthcare, and the climate crisis.

*
The
Inflation
Reduction
Act
is
the
single
greatest
investment
in
climate
action
in
our
nation's
history.

*
It
will
lower
everyday
costs
for
working
families,
including
prescription
drug
and
energy
costs,
and
extend
health
coverage
for
millions.

*
It
will
finally
make
the
wealthy
pay
their
fair
share
in
taxes.

As this bill moves to the President's desk to be signed into law, I want to share more about some of the most critical elements of this package.

Affordable Health Care

Health care is a human right. Yet, in the richest country in the world, Americans are paying the highest prices in the world for drugs, often three or four times more than our counterparts abroad. A quarter of Americans cannot afford their medication. Today, a senior citizen with complex health needs will pay more than $6,000 a year for prescription drugs. All while pharmaceutical companies make some of the highest profits in the world, spend billions on marketing, and continue to raise their prices for working class families and individuals.

The Inflation Reduction Act takes on Big Pharma and will save Americans $288 billion on health care over the next ten years. It will immediately extend provisions from the American Rescue Plan to keep health coverage accessible and affordable for millions for three additional years.

Critically, this legislation allows Medicare to negotiate prescription drug prices, starting with the ten most expensive prescriptions. This legislation will also cap Medicare beneficiaries' out-of-pocket costs at $2,000 a year, cap the price of insulin at $35 a month, penalize drug companies for outrageous price hikes, and lower Affordable Care Act premiums for millions of Americans.

Combating the Climate Crisis

The climate crisis is here. Heatwaves, wildfires, floods, and other climate-fueled disasters have become a more frequent part of our everyday reality in Oregon and around the world. We must immediately embrace a just transition to green transportation and infrastructure, create clean energy jobs, protect natural resources, and decarbonize our economy.

The Inflation Reduction Act delivers $385 billion in energy and climate investments, including for electric vehicles, solar and wind energy, pollution reduction, and support for vulnerable communities most impacted by climate change.

I am proud that several climate provisions I authored were included in this package. These include production and investment tax credits to bolster wind and solar projects, a reinstatement of the Superfund Tax which ensures that polluters are responsible for paying to clean up after themselves, energy efficiency incentive for greener buildings, and clean transportation provisions, which include an expanded electric vehicle credit for new and used vehicles, an expanded credit to charge e-bikes and e-scooters, and incentives to electrify commercial fleets will help accelerate the reduction of carbon emissions and fossil fuels in our day-to-day activities.

Economic Justice

We have an economy that works well for some, but not for regular, working class Americans. This legislation will change that. It ensures that corporations pay their fair share by instituting a 15 percent minimum tax rate, raising nearly $300 billion in revenue, and imposing a one percent tax on stock buybacks, raising an additional $73 billion. Despite Republican lies, there are no new taxes on any family making $400,000 or less, and no new taxes on small businesses.

The Inflation Reduction Act also provides $3.2 billion for taxpayer services and $45.6 billion for the Internal Revenue Service (IRS) to go after wealthy tax evaders. For more than a decade, Republicans have deliberately attacked the IRS, slashing its budget repeatedly. This deliberate tactic has allowed wealthy taxpayers to evade paying the taxes they are supposed to pay, creating a gap between what is owed and what is collected of nearly $400 billion a year. By adequately funding the IRS and going after tax cheats, the Congressional Budget Office estimates the federal government will raise more than $200 billion in additional revenue.

The Big Picture

At its core, Democrats are keeping our promises to improve the lives of families across the country with the Inflation Reduction Act. It achieves our shared goals: lowering costs of necessities, creating good jobs, and combating the climate crisis. It restores the path to meaningfully reducing carbon emissions, while ensuring that all pay their fair share of taxes.

Courage,

Earl

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