August 16, 2022
Jocelyn Foye, Executive Director, The Womxn Project
“Today President Biden signed the historic Inflation Reduction Act, which will lower costs for families, improve Medicare and the Affordable Care Act, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share.
Limiting Big Pharma’s monopoly power to price gouge and ensuring affordable health coverage for 14. 5 million Americans. The legislation will enable Medicare to negotiate prices for the first time and will create the first-ever out of pocket cost caps for seniors in Part D and for diabetics in Medicare. These are long-overdue improvements that make medicines affordable for seniors and their families, and that save taxpayers billions over the next decade.
This legislation also makes healthcare premiums for Affordable Care Act coverage more affordable and to lower energy bills for millions, reduce carbon emissions and create new jobs through the climate provisions. These investments are fully paid for by enabling the IRS (Internal Revenue Service) to finally track down wealthy tax cheats who have avoided paying what they owe for years. The legislation also finally requires price-gouging corporations who offshore jobs and profits to pay a minimum corporate tax on their profits. The bill’s tax provisions do not increase taxes on anyone making under $400,000 and raise over $300 billion for deficit reduction.
We thank our Senators, Jack Reed and Sheldon Whitehouse, and our Representatives, James Langevin and David Cicilline, for their leadership in helping this historic healthcare and tax reform become law.”