Washington, DC— Today, Congressman Jim Himes (CT-04) voted for the Inflation Reduction Act of 2022, which passed the House by a vote of 220-207. This comprehensive legislation will offer relief to each of my constituents in Southwest Connecticut-- from the grandfather who can now afford his insulin to the newborn who has a chance to grow old in a safer, greener future.
The Inflation Reduction Act will bring down prices for families and reduce healthcare costs, while creating millions of good-paying jobs and laying the groundwork for long-term economic growth. It also contains a historic down payment of $300 billion to reduce the deficit, and the largest ever investment by the federal government in combatting climate change that will reduce our greenhouse gas emissions by roughly 40% by 2030.
The spending and deficit reduction in the Inflation Reduction Act are entirely paid for, largely through increased taxes on billion-dollar companies. It does not raise taxes on families making less than $400,000 or small businesses.
“The Inflation Reduction Act is a historic win for the American people and the future of this planet,” said Rep. Himes. “Thanks to this legislation, millions of seniors will be able to afford lifesaving medication that was previously out of reach, huge companies like Amazon will finally be made to fairly contribute to our economy, and parents like myself can begin to imagine a greener, more sustainable planet for our children. This is the type of meaningful change that I hoped to enact when I came to Congress. I look forward to helping deliver the results to my constituents in Southwest Connecticut, and Americans nationwide.”
The Inflation Reduction Act:
- Protects the future of our planet:
- Reduces greenhouse gasses: commits $27 billion to nonprofit, state, and local climate initiatives to help communities reduce and avoid pollution, particularly in disadvantaged communities. This includes billions for state green banks, like Connecticut’s, that fund renewable energy projects.
- Supports green-living and transportation initiatives: offers rebates, tax credits, and grant programs to encourage the purchase of used or electric vehicles and energy-efficient housing.
- Increases domestic energy security and manufacturing: includes over $60 billion for clean energy manufacturing in the U.S. that will alleviate inflation, create jobs, and bolster our national security.
- Increases access and affordability in healthcare
- Lowers the cost of healthcare: reduces the cost of healthcare for millions by extending ACA enhanced subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year.
- Slashes prescription drug costs: empowers Medicare to negotiate the price of prescription drugs, and requires drug companies to pay rebates if they raise prices faster than the rate of inflation.
- Caps insulin costs: Caps Medicare beneficiaries’ insulin costs at $35 a month
- Improve our economy and bring down consumer costs
- Lowers the deficit and reduces inflation: makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation.
- Makes the biggest corporations and ultra-wealthy pay their fair share: strengthens IRS enforcement, implements a 15% corporate minimum tax for corporations making over $1 billion in profits, and institutes an excise tax on corporate stock buybacks.
- Does NOT raise taxes on families making less than $400,000, or small businesses.