Eshoo Votes for Historic Legislation Inflation Reduction Act

August 12, 2022
Press Release
Combats Climate Crisis, Lowers Costs of Prescription Drugs and Health Care, and Reduces Federal Deficit

WASHINGTON, D.C. – Today, U.S. Rep. Anna G. Eshoo (D-CA) voted for the Inflation Reduction Act, legislation to address inflation by lowering the cost of prescription drugs, the cost of health insurance, the cost of energy bills, and lowering the federal deficit. It is the largest investment to address climate change in U.S. history. The bill passed with a vote of 220-207 and now goes to President Biden to be signed into law.

“This is an ‘alleluia! day.’ The Inflation Reduction Act is transformational legislation because the effects of this bill will be felt by my constituents in the form of lower prescription drug prices, lower health care costs, lower energy costs, and substantial action on climate change…all without raising taxes on the middle class,” said Rep. Eshoo. “I’m proud that Democrats got this bold plan over the finish line to deliver these improvements for the American people.” 

The Inflation Reduction Act:

  •  Saves 13 million people an average of $800 per year on their health insurance plans through the Affordable Care Act. These savings extend through 2025;
  • Allows Medicare to directly negotiate the cost of lower prescription drug prices;
  • Combats the climate crisis by reducing carbon emissions by 40 percent by 2030; and
  • Lowers energy costs and advances energy security.

In a recent survey Rep. Eshoo sent to constituents, over 3,000 constituents said they support the provision in the Inflation Reduction Act that allows Medicare to directly negotiate drug prices, and over 2,000 constituents said they support extended Affordable Care Act subsidies, investments in clean energy, and the requirement that wealthy corporations pay their fair share in taxes by implementing a corporate minimum tax.
 

The Inflation Reduction Act is fully paid for by a 15 percent corporate minimum income tax on the 150 companies making more than $1 billion in revenue; investment in the IRS to improve taxpayer services, expedite refunds, and recover more than $200 billion in taxes that are owed but not collected; and a one percent tax on stock buybacks. These improvements to the tax system will more than pay for the cost of the bill’s investments in health care and addressing the climate crisis, and they will lower the deficit by more than $300 billion, without raising taxes on small businesses or the middle class.

A video of Rep. Eshoo speech on the House floor can be found here.

More on the Inflation Reduction Act can be found on Rep. Eshoo’s website here.

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