Cooper Applauds Passage of the Inflation Reduction Act

Press Release

Date: Aug. 12, 2022
Location: Washington, DC

Today the House passed the Inflation Reduction Act, a monumental bill to lower health care and energy costs for American families, while cutting the deficit. Every single Republican from Tennessee voted against the bill.

The Inflation Reduction Act stops price gouging by empowering Medicare to negotiate prescription drug prices, caps insulin at $35 for seniors, and limits their annual out-of-pocket costs on prescription drugs to $2,000. It extends Affordable Care Act subsidies for millions of families, reducing costs by an average of $800 per month. The bill also represents the largest effort to combat climate change ever--$369 billion in domestic energy production to reduce carbon pollution by approximately 40%, and funding to help families lower energy costs such as home energy rebates, clean energy tax credits, and expanded tax credits to purchase electric vehicles.

The bill is fully paid for and reduces the deficit by approximately $300 billion. It gives the IRS more tools to crack down on the ultra-rich who avoid paying their taxes and implements a 15 percent corporate minimum tax--which currently applies only to the 150 corporations earning over $1 billion in profits that are using the tax code to pay much less than most households.

"Democrats have promised to help American families and once again delivered. Here are the facts. The Inflation Reduction Act reduces health insurance premiums so families can afford to buy it, stops the rampant drug company rip-offs, lowers heating and cooling costs, and makes massive investments in domestic energy production to create jobs and save our planet. At the same time, it ensures corporations and wealthy tax cheats pay what they actually owe, instead of making average Americans pay more in taxes," Rep. Jim Cooper said. "The Biden Administration and Democrats in Congress have continuously put the American people first and enacted legislation to create jobs, rebuild our infrastructure, care for our veterans, invest in American manufacturing and technology, and make our communities safer. This historic bill is just another win for every single American."