“House Democrats are continuing to put people over politics by lowering costs, creating better-paying jobs and fighting for safer communities.” -Rep. Jeffries
The Inflation Reduction Act will lower costs, creates millions of good paying jobs, makes health care more accessible, delivers the most significant action on climate in history and dramatically reduces the debt.
Highlights of the Inflation Reduction Act:
- Revitalize American manufacturing by incentivizing domestic production in clean energy technologies and utilizing clean energy tax credit programs. Workers will benefit from the promotion of domestic sourcing and strong labor protection regulations. Clean energy projects created in areas that previously relied on coal, oil or natural gas for employment will see greater rewards, ensuring no community is left behind.
- Makes the tax code fairer by cracking down on millionaires, billionaires and corporations that evade their obligations while ensuring that no family making less than $400,000 per year will see their taxes increase. This change will both raise revenue to finance crucial investments and stop rewarding the rich for not playing by the rules.
- Lowers health care costs by protecting Medicare recipients through a phased-in cap for out-of pocket-costs. There will also be a $35 cap for a month’s supply of insulin. Additionally, for the first time ever, Medicare will now be able to negotiate prices for high-cost drugs.
How the Inflation Reduction Act Will Impact You:
- Creates millions of good-paying jobs, protects workers and lowers costs for American families.
- Reduces healthcare costs under Medicare and the Affordable Care Act.
Resources for the Inflation Reduction Act:
Environmental Protection Agency: Inflation Reduction Act
Federal Income Tax Credits and Incentives for Energy Efficiency
Federal Tax Credits for New All-Electric and Plug-in Hybrid Vehicles Purchased before 2023
Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics
Inflation Reduction Act Funding for Rural Development
Loan Programs Office: Inflation Reduction Act of 2022
Press Releases on the Inflation Reduction Act:
CHAIRMAN JEFFRIES STATEMENT ON HOUSE PASSAGE OF THE INFLATION REDUCTION ACT
Read the Inflation Reduction Act here.