How the Inflation Reduction Act will Combat Corporate Greed and Lower Health Care Costs for AZ Families
DEMOCRATS IN CONGRESS PASSED THE INFLATION REDUCTION ACT, A HISTORIC LAW THAT LOWERS HEALTH CARE COSTS, MAKES CORPORATIONS PAY THEIR FAIR SHARE IN TAXES, AND COMBATS CLIMATE CHANGE – ALL WHILE REDUCING THE DEFICIT AND FIGHTING INFLATION.
The Inflation Reduction Act of 2022
Lowering Prescription Drug Costs
The Inflation Reduction Act empowers Medicare to directly negotiate the prices of expensive prescription drugs, lowering how much patients spend at the pharmacy. The law also ensures that seniors and people with disabilities will not pay more than $2,000/year for medication, starting in 2025. Beyond that, the Inflation Reduction Act holds drug companies accountable, penalizing them in the event that they increase drug prices covered by Medicare faster than inflation.
Lowers ACA Health Care Premiums
This law extends cost-saving Affordable Care Act (ACA) subsidies by two years, postponing insurance premium hikes that were projected to hit roughly 13 million Americans at the end of the year. The Inflation Reduction Act will save millions of Americans covered under the ACA $800 per year on their health insurance premiums.
Tackles Climate Change
The Inflation Reduction Act is the largest investment to combat climate change in U.S. history. The law invests $369 billion to accelerate the transition to cleaner and domestic energy production, and lowers carbon emissions by 40% by 2030. The Inflation Reduction Act also provides $4 billion in drought relief – a critical provision in Arizona – and includes several tax credits for electric vehicles and energy-efficient appliances. This sweeping law will impact future generations in taking action for our climate and our environment.
Makes Big Corporations Pay Their Fair Share
The Inflation Reduction Act combats corporate greed by imposing a 15% Corporate Minimum Tax on most corporations that make more than $1 billion a year, increasing IRS funding to crack down on tax evasion by the richest 1%, and creating a one percent stock buybacks tax – all without raising taxes on anyone making under $400,000.
While Reducing the Deficit and Fighting Inflation
The Inflation Reduction Act combats inflation by lowering health care costs for millions of Americans and making corporations pay their fair share, and reduces the deficit by roughly $300 billion.
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