I was proud to help pass the Inflation Reduction Act into law to address some of the most pressing issues facing Michiganders and significantly lower costs for families across our state. Here are a few things you need to know about it!
FIRST: The law lowers prescription drug and health care costs.
- This law allows Medicare to negotiate drug prices and cap out-of-pocket costs to $2,000 annually, which will lower prescription drug costs. It also will reduce the cost of insulin, capping at $35 per month co-pays for seniors on Medicare plans, and reduce Affordable Care Act premiums for Michiganders for three years, through 2025.
SECOND: The law makes the most significant investment ever to tackle climate change and drive down energy costs.
- It will accelerate clean energy production, reduce carbon emissions, and encourage families to make their homes more energy efficient. This is also a huge economic opportunity because this new law will incentivize domestic manufacturing and help create millions of good-paying jobs here at home.
THIRD: The law fights inflation, reduces costs and lowers the deficit.
- This law will fight inflation by reducing costs for families and will lower the deficit by closing tax loopholes to ensure the biggest corporations and the ultra-wealthy are paying their fair share and imposing a one-percent tax on corporate stock buybacks.
I recently went to the White House to highlight the enactment of the Inflation Reduction Act. To watch my breakdown of how this law will lower costs for Michiganders, click here.
This historic achievement will make a meaningful difference in the lives of Michiganders, and I was pleased to help make it a reality. To learn more about how this law impacts you, visit my website by clicking here. If you are interested in how this law’s clean energy investments can save you or your family on energy bills and beyond, click here.
Thanks for reading,
United States Senator for Michigan