Schakowsky Statement on Passage of the Inflation Reduction Act

Statement

Congresswoman Jan Schakowsky (D-IL), a Senior Chief Deputy Whip and Chair of the Consumer Protection and Commerce Subcommittee of the Energy and Commerce Committee, released the following statement today after the House of Representatives passed the Inflation Reduction Act:

"Today is a major victory for the American people. Democrats in Congress have banded together to pass the Inflation Reduction Act, a historic piece of legislation that places people over politics, and cracks down on corporate greed. The Inflation Reduction Act makes the largest-ever federal investment in addressing the existential threat of climate change, lowers prescription drug costs, and implements commonsense measures to ensure that wealthy individuals and corporations finally pay their fair share in taxes.

"Faced with increasing natural disasters and severe weather events, our environment could soon be damaged beyond repair. Future generations are depending on us to address the climate crisis now. The Inflation Reduction Act designates $369 billion for clean energy programs that will cut carbon emissions by 40% by 2030. Investments in electric vehicles, heat pumps, and solar panels will not only reduce energy costs, but will create millions of good-paying, green jobs. And the average American family is expected to see $1,800 in energy savings each year as the Inflation Reduction Act tackles our reliance on oil and gas through aggressive climate action.

"Thanks to the Inflation Reduction Act, health care costs will come down. Around 13 million Americans covered under the Affordable Care Act will see their health insurance premiums reduced by $800. As co-chair of the House Democratic Task Force on Aging and Families, I am especially proud of the many provisions in this bill that will help seniors. The bill caps seniors' out of pocket spending for prescription drugs at $2,000 per year and caps insulin at $35 per month for seniors on Medicare. In addition, the bill takes on Big Pharma, who has consistently gouged consumers in need of lifesaving medications and treatments. Now, Medicare will be able to negotiate prescription drug prices, leading to lower costs.

"For far too long, billionaires have enjoyed their mega yachts and trips to space, while hardworking Americans are left struggling to provide for their families. The Inflation Reduction Act will implement a 15% minimum corporate tax so that our richest corporations start to pay their fair share. The bill will also provide funding for the IRS to go after ultra-wealthy tax evaders and will raise at least $124 billion from these tax cheats. Finally, this bill will not raise taxes on any family making $400,000 or less per year, and there will be no new taxes on small businesses. This bill yet again puts people over politics and finally goes after the super rich and corporations.

"While I am disappointed to see that the Inflation Reduction Act does not include paid family and medical leave, a revival of the child tax credit, funding for home- and community-based services, universal pre-K, and even stronger protections for seniors, I know this bill will lower costs, create good-paying jobs, and empower us to address the climate crisis. I will continue to fight every day for the provisions that were left out of the bill because I know just how much my constituents, and Americans across the country, will benefit from them.

"The Inflation Reduction Act is a monumental accomplishment that puts people over politics and will make a lasting difference in the lives of millions of Americans. Protecting our climate and lowering costs will ensure a stronger, healthier, more equitable future for all. I look forward to President Biden signing this bill into law."

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