Sánchez advances the Inflation Reduction Act, sends bill to President Biden's desk

Press Release

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

Today, Congresswoman Linda T. Sánchez (CA-38) proudly voted to advance the Inflation Reduction Act and send it to President Biden for his signature.

This historic legislation marks the single largest climate investment in American history, brings down costs for working families, and ensures large corporations finally pay their fair share. The Inflation Reduction Act includes many of House Democrats' and President Biden's legislative priorities to rebuild our economy from the middle out, not the top down.

"I am deeply proud to cast my vote for the Inflation Reduction Act today," said Congresswoman Linda T. Sánchez. "This is a historic victory for working families weighed down by rising costs, and for current and future generations confronting the reality of our changing planet.

"The Inflation Reduction Act marks the largest-ever federal investment in fighting climate change and will reduce greenhouse gas emissions by 40 percent by 2030. In California, this bill will save households hundreds in energy bills and other costs, create good-paying jobs by investing in clean energy, and generate enormous public health benefits by preventing premature deaths and asthma attacks due to air pollution."

Congresswoman Sánchez continued: "Together with President Biden, my Democratic colleagues and I have consistently fought for policies that will lower health care costs and give working families peace of mind. The Inflation Reduction Act will do just that. This legislation caps out-of-pocket drug costs for seniors on Medicare, extends Affordable Care Act subsidies, and finally empowers Medicare to negotiate prescription drug prices. For insulin specifically, Medicare beneficiaries will pay no more than $35 per month. In the 38th Congressional District alone, there are over 119,000 Medicare-eligible individuals who will benefit from these provisions. What's more, it is fully paid for and will help us significantly bring down our national deficit. Not by nickel-and-diming the working class, but by making large corporations and billionaires pay their fair share."

Specifically, the Inflation Reduction Act will:

Combat climate change by reducing greenhouse gas emissions: The legislation reduces emissions by 40 percent by 2030, putting our nation within reach of meeting President Biden's commitment of reducing emissions by 50-52 percent by 2030.

Invest in clean energy infrastructure: The legislation includes expanded tax credits for renewable technologies, home energy efficiency, electric and hybrid vehicles, batteries and other energy storage technologies, as well as a tax incentive coauthored by Congresswoman Sánchez to spur development of solar power in low-income and affordable housing communities. It also invests over $35 billion in clean manufacturing to ensure that our energy transition is built on strong domestic supply chains, which will create thousands of good-paying, union jobs.

Lower the cost of health care: The legislation reduces the cost of health care for millions of Americans by extending ACA subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year.

End the ban on Medicare negotiating prescription drug prices: The legislation allows Medicare to negotiate the price of prescription drugs, prevents excessive price hikes, and caps out-of-pocket costs for life-saving medications at $2,000. There are over 119,000 Medicare-eligible individuals in California's 38th Congressional District alone who could benefit from these provisions. Finally, the bill caps the cost of insulin at $35 per month, ensures $0 copays for vaccines, and provides additional financial help to lower premiums and copayments for low-income Medicare beneficiaries.

Lower the deficit and reduce inflation: The legislation makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation.

Make large corporations and the ultra-wealthy pay their fair share: The legislation is paid for by strengthening IRS enforcement against wealthy tax cheats, closing tax loopholes exploited by the wealthiest few, and implementing a 15 percent corporate minimum tax -- which applies only to the 150 corporations earning over $1 billion in profits that pay less than 15% in taxes.

Impose NO new taxes on families making $400,000 or less and NO new taxes on small businesses: Not one middle-class person filling out their taxes will find that they are facing higher taxes or higher tax rates.