Dear John,

I am writing with good news. The Inflation Reduction Act has passed both the House and the Senate.

The Inflation Reduction Act of 2022 makes historic investments to lower healthcare costs, fight inflation, expand domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The legislation has been sent to President Biden where it awaits his signature. 

Specifically, the Inflation Reduction Act: 

Cuts costs for American families

• Empowers Medicare to negotiate prescription drug prices
• Lowers premiums in the Affordable Care Act (ACA) Marketplaces for 13 million Americans
• Provides $9 billion in consumer home energy rebate programs to lower energy costs and help retrofit homes with energy efficient appliances 

Provides support for seniors 

• Caps Medicare out of pocket spending for prescriptions drugs at $2,000 per year
• Provides an inflation rebate on brand-name drugs for seniors
• Provides free vaccines for seniors enrolled in Medicare
• Caps insulin costs at $35 a month for seniors and individuals with disabilities on Medicare

Tackles climate change by investing in clean energy

• Reduces carbon emissions by roughly 40 percent by 2030
• Provides $10 billion investment to build clean technology manufacturing facilities, like facilitates that make electric vehicles, wind turbines, and solar panels
• Includes $3 billion for grants to support the purchase and installation of zero-emission equipment and technology, reducing air pollution at ports
• Invests more than $20 billion to support climate-smart agriculture practices

Reduces the federal deficit

• Establishes a 15% corporate minimum tax rate and provides the Internal Revenue Service (IRS) with the resources to rebuild antiquated systems, ensuring corporations 
• Requires the wealthiest among us pay their fair share in taxes 

According to 126 of the top economists in the country - including seven Nobel Laureates - the Inflation Reduction Act will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly shared long-term economic growth. 

This legislation is an incredible step forward to building a healthier, cleaner, and fairer future for families across Connecticut’s Fifth District. 

Additional information on the Inflation Reduction Act is available here.

Thank you for taking the time to read this update. To hear more about my work in Congress, subscribe to my newsletter here. 

Jahana Hayes

Member of Congress