Ruppersberger Supports Landmark Legislation Lowering Drug Costs, Advancing Energy Independence and Reducing the Federal Deficit

Press Release

Congressman C.A. Dutch Ruppersberger today voted for landmark legislation that will lower the costs of prescription drugs, advance America's energy independence and reduce the federal deficit by $300 billion. H.R. 5376, the Inflation Reduction Act, is fully paid for by implementing a minimum tax on $1 billion dollar corporations that currently pay little to no federal taxes. Previously passed by the Senate in a bipartisan vote, the bill passed the U.S. House of Representatives in a 220-207 vote and was expected to be immediately signed into law by President Biden.

"For too long, tech and drug moguls have built their fortunes on the backs of middle class families who are now struggling with rising costs amid global inflation," Congressman Ruppersberger said. "Now more than ever, we need billionaires to pay their fair share. Not one middle class family or small business will find themselves with higher taxes because of this bill -- not one. Instead, this bill sets families and seniors up for lower healthcare costs, smaller utility bills and, ultimately, economic stability as a nation."

The bill achieves long-standing goals such as enabling Medicare to negotiate the price of prescription drugs, which cost far more in the United States than other countries. It also caps seniors' out-of-pocket prescription costs at $2,000 annually and extends insurance premium subsidies for 13 million Americans, saving them an average of $800 per year.

The Inflation Reduction Act represents the most significant climate action in history, providing tax incentives for companies to advance clean energy as well as rebates for consumers to make their homes more efficient and purchase electric vehicles. The collective result will be a 40 percent reduction in carbon emissions over the next eight years.

In addition to the corporate minimum tax -- which only applies to the nation's 150 richest companies -- the bill aims to recoup the $1 trillion gap between what Americans owe in taxes and what the chronically-underfunded IRS collects. Through new hires and modernization, the IRS will be able to target tax cheats, meaning fewer audits for ordinary Americans and better customer service for everyone.

"Just as rising costs weren't caused by one person or one party, this one bill will not be the silver bullet," Congressman Ruppersberger said. "But it will undoubtedly help us to regain our economic footing while making progress on long-term goals like deficit reduction, energy independence and prescription drug reform. I am proud to support it."

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