Soto Votes for Historic Inflation Reduction Act to Lower Costs for Floridians

Press Release

Today, Rep. Darren Soto (FL-09) voted to send historic, inflation-fighting legislation to President Joe Biden's desk. H.R. 5376, the Inflation Reduction Act will deliver landmark investments to lower Florida families' kitchen table costs, lower prescription drug costs for seniors, combat climate crisis, keep Obamacare affordable, create nine million good-paying union jobs, and dramatically reduce the deficit. Language from Rep. Soto's Helping Adults Protect Immunity (HAPI) Act was also included to provide free vaccines to those who need them.

"The Inflation Reduction Act is a historic victory for Florida families 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," said Congressman Soto. "I am also thrilled that language from the HAPI Act was included to ensure more Americans can receive necessary vaccines at no out-of-pocket cost. Importantly, this legislation is fully paid for by ensuring that corporations can't dodge their taxes. I'm proud to be part of House Democrats' efforts to put People Over Politics."

This legislation will bring down costs for working Floridians 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: Reducing premium costs by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
Lower energy costs: Saving Florida families an average of $1000 per year on their energy bills.
Lower the deficit and help fight inflation: Making a 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.
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.

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