Congressman Horsford Votes for Historic Inflation Reduction Act to Lower Nevadans' Costs

Statement

Today, Congressman Steven Horsford voted to send historic, inflation-fighting legislation to the President's desk. The Inflation Reduction Act will deliver landmark investments to lower Nevada families' kitchen table costs, create nine million good-paying union jobs, combat the climate crisis and dramatically reduce the deficit. The legislation also includes two bills from Congressman Horsford; one bill to cap out-of-pocket health care costs for Medicare beneficiaries and the other to incentivize the use of energy-efficient glass.

"Today, we took action to fight inflation, slash kitchen table costs, create good-paying jobs and deliver the largest climate investment in our nation's history," said Congressman Steven Horsford. "The Inflation Reduction Act is an historic victory for Nevadans and for our planet: delivering the investments we need to keep down health care costs, reinvigorate American manufacturing and drive our transition to a clean energy economy. And for our region, desperately needed drought relief funding as we battle this megadrought. This legislation is fully paid-for by ensuring that billionaire corporations can't dodge their taxes -- ensuring that not one middle class Nevadan or small business pays a cent more in taxes."

In July 2021, Horsford introduced H.R. 4417, the Capping Drug Costs for Seniors Act of 2021, which is included in the Inflation Reduction Act. That bill prevents seniors' out-of-pocket drug costs from going above $2,000.

"Our seniors, many on fixed incomes, need this legislation to save from them from soaring health care costs. This legislation is a monumental step forward in House Democrats' fight to build a fairer, cleaner economy, and we remain laser-focused on putting People Over Politics: lowering costs, creating better-paying jobs and building safer communities for all."

This legislation will bring down costs for working Nevadans while building a cleaner economic future across the country, taking action to:

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: reducing135,000 Nevadans' premium costs by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
Lower energy costs: saving Nevada families an average of $1000 per yearon their energy bills.
Lower the deficit and help fight inflation: making an 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.
According to 126 leading economists -- including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, two former Treasury Secretaries -- the Inflation Reduction Act "will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth."

The Inflation Reduction Act also honors Democrats' promise: no new taxes on families making $400,000 or less and no new taxes on small businesses. This legislation is fully paid-for by ensuring that large corporations and the ultra-wealthy pay their fair share:

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.
The Inflation Reduction Act also includes legislation introduced by Congressman Horsford to incentivize the development and deployment of energy-efficient electrochromic glass, which would reduce greenhouse gas emissions. The Dynamic Glass Act, H.R. 1974, would promote the use of this specialized glass product that saves energy by providing control over the amount of light and heat entering a building.

"Nevada is one of the fastest growing states in the country, and with the development of new commercial and residentials buildings, emissions and energy consumption are expected to rise," said Congressman Horsford. "This legislation would incentivize greater use of electrochromic glass which would help keep emission levels and energy usage low while at the same time providing lower energy bills to entrepreneurs and homeowners, and I'm proud to see it included in the Inflation Reduction Act."

An overwhelming majority of the American public supports the Inflation Reduction Act's key health care, climate and inflation-fighting measures. Data for Progress found that 73 percent of voters back the Inflation Reduction Act, including 95 percent of Democrats, nearly three-quarters of Independents, and more than half of Republicans. This legislation also 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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