On Friday, Congress officially passed the Inflation Reduction Act – a sweeping tax, health, and climate bill.
President Biden is expected to sign the bill soon, so we wanted to take a moment to share with you what’s in the bill and answer some FAQs.
While this bill isn’t perfect, there’s many significant wins that were only possible as a direct result of your advocacy and support.
What will the IRA do for the climate?
👩🏼🔬 Create up to 9 million jobs in clean energy, clean manufacturing, and green transportation
🌎 Reduce greenhouse gasses by 40% by 2030
💰 Dedicate $60 billion for environmental justice in communities hardest hit by climate change and fossil fuels
How will this bill impact health care costs?
🛑 Restrict insulin costs to $35 per month for Medicare recipients
📉 Cap out-of-pocket costs for medications to a maximum of $2,000 per year for seniors (down from the current $10,000+ a year for the costliest drugs)
⚖️ Allow Medicare to negotiate lower prices on some prescription drugs for seniors on Medicare starting in 2026
What are the tax implications?
👨👩👧👦 No new taxes on any family making $400,000 or less, and no new taxes on small businesses (despite the lies Republicans are spewing)
💵 A 15% minimum tax rate on the wealthiest corporations
📈 1% tax on stock buybacks used to enrich wealthy shareholders
What’s next?
We've got lots of work ahead of us. We will continue to build our power for more bold climate action, Medicare for All, and a Green New Deal.
But affirming each step along the path is important. This was the biggest-ever investment in fighting climate change by Congress, and there were many steps along the way where it appeared this bill may not pass at all. Not only did it pass, but it passed with key investments in climate justice and green jobs – both core principles of the Green New Deal.
Thank you for all of your support and activism that’s gotten us to this point.
Team AOC
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