oday, Kentucky Congressman John Yarmuth, Chair of the House Budget Committee, appeared before the House Rules Committee to testify on the Inflation Reduction Act of 2022, legislation that will lower the cost of health care, prescription drugs, and energy for American families and make the most significant effort to tackle the climate crisis in U.S. history. Video of Chairman Yarmuth's opening remarks is available here.
"This is an incredibly important piece of legislation which will not just save American consumers money, it will reduce their healthcare costs, it will ultimately reduce their energy costs, and it will take the most significant step that we have ever taken to combat climate change," Chairman Yarmuth said at the hearing.
"What this bill does is it leapfrogs us ahead of virtually every other country in the world in terms of our commitment to dealing with climate change. We will in fact, given the signing of this bill, become leaders in the effort to combat climate change. And that's something I feel we can all take a great deal of pride in."
Yarmuth directly took on Republicans' misleading claims about the Inflation Reduction Act, saying, "we're going to hear a lot about increasing taxes. And, let me say that what the Republicans are saying is totally wrong. It's defied by facts, evidence. I think it is very safe to say that not one American making under $400,000 dollars will see their federal tax bill increase by one penny." Leading economists have confirmed that the Inflation Reduction Act contains no new taxes on families making less than $400,000 and no new taxes on small businesses.
"Republicans are, quite frankly, scared to death of what we are about to do -- because they know it is incredibly popular with the American people, and it does exactly what the American people want us to do, which is to deal with climate change, to deal with health care costs, to deal with energy costs," Yarmuth concluded. "All that they can do now is use scare tactics to essentially try to cast some doubt on what will be a very meaningful piece of legislation for the American people."