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NEW REPORT: A Win for the People and our Planet: How the Inflation Reduction Act Lowers Costs and Acts on Climate

Aug 11, 2022

Washington, DC – Today, the House Budget Committee released a new report on how the Inflation Reduction Act will lower the cost of living for American families, increase American energy security and combat the climate crisis, and expand opportunities for Americans to succeed.

The report provides a detailed breakdown of the legislation’s key provisions on health care, prescription drug costs, energy and climate, and taxes. The Inflation Reduction Act ensures the biggest corporations and wealthiest few start paying their fair share in taxes and does not raise taxes on families making less than $400,000.

“The Inflation Reduction Act is a monumental step forward for the American people and for our planet,” said Chairman Yarmuth. “This bill does exactly what the American people want us to do: lower their health care costs, lower their prescription drug costs, lower their energy bills, and take long-overdue steps to tackle the climate crisis, which Americans are experiencing firsthand.”

“When big corporations and the wealthiest Americans pay less in taxes than middle-class families or when rich tax cheats are able game the system, working Americans and middle-class families are the ones getting ripped off,” Yarmuth continued. “The Inflation Reduction Act finally takes much-needed steps toward making our tax code more fair, so that it rewards work — not wealth.”

“The Inflation Reduction Act is fiscally responsible, fully paid for, and supported by our nation’s top economists across the political spectrum. I am proud to have my name on this bill and look forward to seeing President Biden sign it into law.”

 

A PDF of report can be found here.

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