Dear Neighbor,

Today, President Biden will sign the historic Inflation Reduction Act into law. This legislation, which I proudly voted for in the House last week, will lower costs for families, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share.

President Biden and Congressional Democrats have worked together to deliver a historic legislative achievement that defeats special interests, delivers for American families, and grows the economy from the bottom up and middle out.
 
Take a look at how the Inflation Reduction Act impacts Americans by the numbers:

HEALTH CARE

Cutting Prescription Drug Costs

• Today, Americans pay two to three times what citizens of other countries pay for prescription drugs
• 5-7 million Medicare beneficiaries could see their prescription drug costs go down because of the provision allowing Medicare to negotiate prescription drug costs.
• 50 million Americans with Medicare Part D will have the peace of mind knowing their costs at the pharmacy are capped at $2,000 per year, directly benefiting about 1.4 million beneficiaries each year.
• 3.3 million Medicare beneficiaries with diabetes will benefit from a guarantee that their insulin costs are capped at $35 for a month’s supply.

Lowering Health Care Costs

• 13 million Americans will continue to save an average of $800 per year on health insurance premiums
• 3 million more Americans will have health insurance than without the law.
• The uninsured rate is at an all-time low of 8%, which the historic law will build on. 

CLEAN ENERGY

Lowering Energy Costs

• Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.
• $14,000 in direct consumer rebates for families to buy heat pumps or other energy efficient home appliances, saving families at least $350 per year.
• 7.5 million more families will be able install solar on their roofs with a 30% tax credit, saving families $9,000 over the life of the system or at least $300 per year.
• Up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles, helping families save $950 per year.

Building a Clean Energy Economy

• Power homes, businesses, and communities with much more clean energy by 2030, including: 
  • 950 million solar panels
  • 120,000 wind turbines
  • 2,300 grid-scale battery plants
• Advance cost-saving clean energy projects at rural electric cooperatives serving 42 million people.
• Strengthen climate resilience and protect nearly 2 million acres of national forests.
• Creating millions of good-paying jobs making clean energy in America.

Reducing Harmful Pollution

• Reduce greenhouse gas emissions by about 1 gigaton in 2030, or a billion metric tons – 10 times more climate impact than any other single piece of legislation ever enacted.
• Deploy clean energy and reduce particle pollution from fossil fuels to avoid up to 3,900 premature deaths and up to 100,000 asthma attacks annually by 2030.

TAXES

Making the Tax Code Fairer

• $0: how much some of largest, profitable corporations pay in federal income tax.
• 55: the number of America’s largest, wealthiest corporations that got away without paying a cent in federal income taxes in 2020.
• $160 billon: how much the top 1 percent of earners is estimated to evade each year in taxes.
• 15%: the minimum tax on corporate profits the Inflation Reduction Act imposes on the largest, most profitable corporations.
• $124 billion: savings over 10 years the Inflation Reduction Act will generate from collecting taxes already owed by wealthy people and large corporations, according to the Congressional Budget Office.
• And no family making less than $400,000 will see their taxes go up a penny. 

Reducing the Deficit

• The Inflation Reduction Act will achieve hundreds of billions in deficit reduction.
• The deficit is projected to fall by more than $1.5 trillion this year after falling by more than $350 billion last year.
• 126 leading economists – including 7 Nobel Laureates, 2 former Treasury Secretaries, 2 former Fed Vice Chairs and 2 former CEA Chairs – have said reducing the deficit will help fight inflation and support strong, stable economic growth.

The Inflation Reduction Act is the latest in a string of successes brought about by President Biden's leadership. Check out the list below for just some of the most recent victories in our fight to put people over politics, and keep an eye out for future newsletters from me for a more comprehensive roundup of all we've accomplished during President Biden's first two years in office.

#BidenWins

• President Biden signed the CHIPS and Science Act to bolster American production of semiconductors, shore up our supply chains, and reinvigorate American manufacturing.
• President Biden signed the PACT Act, a historic bill to finally care for veterans exposed to cancerous toxins and burn pits.
• The Senate ratified the protocols allowing Finland and Sweden to join NATO, expanding the transatlantic alliance and further pressuring Vladimir Putin to end his illegal war of choice in Ukraine.
•  At President Biden's direction, the US carried out a successful counterterrorism mission to eliminate the leader of al-Qaeda, Ayman al-Zawahiri.
• Gas prices have dropped by more than 20% since their peak a few months ago. As of yesterday the average price of a gallon of gas in America is $3.96, maintaining a 62-day streak of falling gas prices.
• President Biden signed an historic Executive Order protecting reproductive rights in the face of relentless right-wing attacks on our freedoms and liberties.
• Thanks to President Biden, the FDA has cleared the way for Americans to buy affordable hearing aids over the counter in stores and pharmacies across the country starting as soon as this October.
• More Americans have health insurance today than at any point in our history, and millions more will gain affordable coverage thanks to the Inflation Reduction Act.
• The US has created over 10 million new jobs under President Biden, recovering every single job lost to the pandemic and bringing our unemployment rate to 3.5% -- matching a 50-year low.
• Monthly inflation in July stood at 0.0%, easing financial pressures caused by the pandemic and global supply chains for millions of American families.  

The past few months have shown all Americans that steady, patient, and effective leadership pays off even in the most trying of times. And make no mistake: we're just getting started. 

Please continue to take care of yourselves and each other, and remember that my office is here to help. Be sure to visit my website for more information and resources. If you have any questions or concerns, or if you need assistance, please don't hesitate to call us at (703) 256-3071.