Kildee Applauds Passage of Inflation Reduction Act

Press Release

Congressman Dan Kildee, Chief Deputy Whip of the House Democratic Caucus, today applauded the passage of the Inflation Reduction Act, historic legislation to lower costs for Michiganders and families across the country. The legislation now goes to the president's desk to be signed into law.

"This historic legislation delivers for Michigan families and seniors. Medicare will finally be able to negotiate with drug companies to lower the cost of prescription drugs and cap the price of insulin at $35 per month. You shouldn't have to choose between putting food on the table and being able to afford the medicine you need. The legislation also lowers health care premiums for working families, putting $800 per month, on average, back in the pockets of Michigan families. For far too long, we have seen manufacturing jobs shipped overseas. This bill will help keep those jobs in Michigan. Finally, this bill is fully paid for by ensuring wealthy corporations and billionaires pay their fair share. A Flint assembly worker, or a Saginaw teacher or a Bay City nurse shouldn't pay more in taxes than wealthy corporations. I will continue to deliver for Michiganders to lower costs and create good-paying jobs that can support a family."

The Inflation Reduction Act includes key priorities Congressman Kildee has advocated for, including allowing Medicare to negotiate drug prices, capping the cost of insulin for Medicare patients, tax credits for electric vehicles and domestic solar panel production to grow manufacturing jobs in the U.S., and a tax credit to support more sustainable aviation fuels and mid-Michigan farmers.

The Inflation Reduction Act will:

Lower Prescription Drug Costs by allowing Medicare to negotiate drug prices and capping out-of-pocket Medicare drug costs at $2,000 per year;
Cap the Cost of Insulin for Medicare beneficiaries at $35 per month;
Lower Health Care Costs by reducing Affordable Care Act premiums for millions of Americans for three years, through 2025;
Reduce Energy Costs and Create Jobs by increasing clean energy production to reduce carbon emissions by roughly 40 percent by 2030, creating 9 million jobs over ten years;
Support Michigan Manufacturing by expanding the electric vehicle tax credit and creating an advanced energy property credit for automotive communities to secure good-paying manufacturing jobs in Michigan;
Expand Clean Energy Investment in America by creating a tax credit for American solar panel manufacturers to help bring solar panel manufacturing back home, create good-paying Michigan jobs and free the U.S. from its dependence on foreign solar panel manufacturers like China;
Reduce the Federal Deficit by closing tax loopholes for the wealthiest corporations so they pay their fair share, including a tax on corporate stock buybacks. There will be no new taxes on families making $400,000 or less and no new taxes on small businesses.

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