Dear John,

This week, I was joined by AARP California, SEIU Local 2015 and the California Alliance for Retired Americans to highlight the passage of the historic Inflation Reduction Act, which will lower the price of prescription drugs and cap out-of-pocket costs for Medicare beneficiaries. After decades of fighting, Congress finally passed a bill to lower the costs of prescription drugs for millions of seniors across the country. The Inflation Reduction Act will finally allow Medicare to negotiate prescription drug prices and caps monthly out-of-pocket insulin costs at $35 for Medicare recipients, while extending Affordable Care Act (ACA) subsidies for three more years—ensuring lower health insurance premiums for millions of Americans.

We took on the special interests and passed legislation that’s going to raise the quality of life for all Inland Empire residents—and the bill, which President Biden signed into law this week, is fully paid for by closing tax loopholes to ensure that wealthy corporations are paying their fair share, by taxing stock buybacks that allow corporations to enrich shareholders, and by creating a 15 percent corporate minimum tax. The Inflation Reduction Act even contributes $300 billion towards paying down the national debt, which economists say will help cool inflation.

And let’s be very clear about this: The Inflation Reduction Act creates no new taxes on families making less than $400,000 per year or any small businesses. We’re leveling the playing field to help working class Americans get ahead.

Thanks,

 

 

 

Pete Aguilar
Member of Congress