Rep. Newman Proudly Votes to Pass the Inflation Reduction Act

Press Release

U.S. Representative Marie Newman (IL-03), proudly voted to pass landmark legislation that will make the American economy more just for working families and better equipped to tackle the climate crisis.

"From the day I was sworn into office, I was adamant about the need to use our Democratic majority to squarely face the biggest challenges of our time," said Congresswoman Newman. "As a member of the Executive Board of the Congressional Progressive Caucus, I have been proud to fiercely advocate alongside my colleagues for real action on climate and health care. This legislation makes outstanding progress on these crucial issues and much more. No bill is perfect, of course, and there is always much more to do to build the future we want, but I am ecstatic to celebrate this huge step forward. Thanks to this legislation, we will stand up to Big Pharma's price-gouging on prescription drugs, stand up to the wealthy and powerful who abuse our system to cheat on their taxes, and most importantly make enormous strides toward preserving the planet for our children. Today is a great day."

Key provisions of the Inflation Reduction Act include:

Green energy investments put the United States on a path to reduce U.S. carbon pollution by 40 percent by 2030 and will create up to 9 million new jobs--roughly 1 million jobs each year over the decade.
Unions strongly support the bill, which creates job growth in clean energy, efficient buildings, clean manufacturing, environmental protection and green transportation.
Lower fuel and electricity costs and increased energy efficiency will save the average American family $1,025 annually.
Tens of billions of dollars for green manufacturing will ensure the green technologies of tomorrow are made in America.

Making the wealthy pay their fair share
Extending provisions from the American Rescue Plan will protect affordable insurance for app
A 15 percent minimum tax rate on the wealthiest corporations will raise roughly $300 billion in revenue.
A 1 percent tax on stock buybacks used to enrich wealthy shareholders will raise an additional $73 billion from large corporations.
There are no new taxes on any family making $400,000 or less and no new taxes on small businesses. This is a bill that finally goes after the wealthy and corporations.
Lowering health care costs for American families
Extending provisions from the American Rescue Plan will protect affordable insurance for approximately 13 million Americans and prevent 3 million Americans from losing their health insurance altogether.
Empowering Medicare to begin negotiating directly for the price of a number of prescription drugs will significantly lower drug costs.
Monthly out-of-pocket costs for insulin will be capped at $35 for those with Medicare coverage.
Medicare out-of-pocket costs will be capped at $2,000 per year to help protect seniors from Big Pharma price-gouging.

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