Congressman Sherman, House Dems Pass Historic Inflation Reduction Act
WASHINGTON, D.C. -- Today, Congressman Brad Sherman (D-CA) voted to send historic, inflation-fighting legislation to the President’s desk. The Inflation Reduction Act will deliver landmark investments that lower families’ kitchen table costs, create millions of good-paying union jobs, combat the climate crisis, and dramatically reduce the deficit.
“Today, I proudly voted to fight inflation, slash Valley residents’ everyday expenses, create good-paying jobs and deliver the largest climate investment in our nation’s history,” said Congressman Sherman. “Importantly, this legislation is fully paid-for by ensuring that corporations can’t dodge their taxes – ensuring that working- and middle-class families or small business don’t pay a cent more in taxes.”
The Inflation Reduction Act will:
-Lower prescription drug prices: empowering Medicare to negotiate the price of prescription drugs, preventing excessive price hikes and capping seniors’ out-of-pocket drug costs at $2,000.
-Lower health care costs: reducing premium costs by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
-Lower energy costs: saving families an average of $1000 per year on their energy bills.
-Lower the deficit and help fight inflation: making a historic down payment on deficit reduction of approximately $300 billion.
-Deliver America’s largest-ever climate investment: supporting domestic energy production, creating nine million good-paying union jobs and reducing carbon pollution by roughly 40 percent this decade.
The Inflation Reduction Act is fully paid-for by ensuring that large corporations and the ultra-wealthy pay their fair share by:
-strengthening IRS enforcement against wealthy tax cheats
-closing tax loopholes exploited by the wealthiest few
-implementing a 15 percent corporate minimum tax on billion-dollar companies and a 1 percent tax on corporate stock buybacks
This historic legislation also includes a provision that funds a study for the IRS to examine developing and running an IRS-run free direct e-file tax return system – a system championed by Congressman Sherman and Senator Elizabeth Warren in their legislation, the Tax Filing Simplification Act, that aims to simplify the tax filing process for millions of Americans.
The Inflation Reduction Act enjoys broad support from a wide range of advocacy organizations, including the AFL-CIO, Natural Resources Defense Council, League of Conservation Voters, AARP, UnidosUS, Small Business Majority, Protect Our Care and U.S. Conference of Mayors.
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