Today, Rep. Grace F. Napolitano (D-El Monte) voted for the Inflation Reduction Act, delivering landmark investments to lower San Gabriel Valley families' kitchen table costs, create nine million good-paying union jobs, combat the climate crisis, and dramatically reduce the deficit.
"Today, I proudly voted to fight inflation, slash my constituents' kitchen table costs, create good-paying jobs, and deliver the largest climate investment in our nation's history," Napolitano said. "The Inflation Reduction Act is an enormous victory for our families and for our planet, making the investments we need to keep down health care costs, bolster American manufacturing, and propel our transition to a clean energy economy. I look forward to President Biden signing this legislation, which will greatly benefit our nation as a whole as well as the planet."
This legislation will bring down costs for hard-working Californians 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 Californians' premium costs by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
Lower the deficit and help fight inflation: making an 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.