Inflation Reduction Act: Kaptur Votes to Lower Healthcare and Energy Costs, Create Jobs, Cut Deficit

Press Release

Today, Representative Marcy Kaptur (OH-09) released the following statement after the House passed the Inflation Reduction Act to lower healthcare and energy costs, create jobs, and cut the deficit. The bill will now be sent to President Biden for signature.

By closing tax loopholes and establishing a minimum corporate tax applied only to the 150 largest corporations, the Inflation Reduction Act lowers healthcare and energy costs, expands American energy production, and reduces the federal deficit by $300 billion without raising taxes on small businesses or households making less than $400,000.

The comprehensive bill delivers targeted investments to lower Medicare prescription drug and insulin costs and protect Affordable Care Act plan premium subsidies for 13 million Americans. The bill also spurs American energy innovation to create new energy and manufacturing jobs, lower energy costs, and conserve the environment.

"The wealthiest have had a good run of things on the backs of workers, families, and seniors," said Rep. Kaptur. "By requiring the highest earners to pay their fair share, the Inflation Reduction Act lowers healthcare and energy costs without raising a single penny on the Middle Class. Seniors will pay less for prescription drugs, families will pay less for healthcare, and we'll lower energy costs and create good-paying jobs right here at home. Together, these commonsense steps will keep more dollars in Ohioans' pocketbooks while building America forward for the future."

Highlights of the Inflation Reduction Act

Implements a 15 percent minimum corporate tax on corporations making more than $1 billion in profits annually; Small businesses and households making less than $400,000 will see no new taxes
Reduces the federal deficit by $300 billion
Empowers Medicare to negotiate lower drug prices; Establishes a $2,000 out-of-pocket cap on prescription drugs and $35 per month cap on insulin for seniors on Medicare -- benefitting 140,000 seniors in Ohio's 9th Congressional District
Extends Affordable Care Act premium credits -- saving people on Marketplace plans an average of $800 annually
Invests $60 billion in domestic manufacturing, energy production, and cleaner automotive and transportation industries -- creating new jobs, lowering energy costs, and improving supply chains
Invests $44 billion in sustainable agriculture practices, biofuels, and coastal habitat restoration

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