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Hi there,
I wanted to give you an update on a bill Congress recently passed – the Inflation Reduction Act, and what it might mean for you now and into the future.
I voted for this bill for one simple reason: it’s going to save Michiganders money. It’s going to ease the burden on working families by lowering the price of their prescription drugs and cutting the cost of their energy bills – without increasing national deficit – while fighting climate change and extreme weather, and creating millions of good American jobs.
We’ve all seen the effects of inflation at the pump and at the grocery store, and I’ve heard from countless folks here in our district about how difficult it has been to make ends meet. So when I was considering my vote, my top priority was lowering people’s everyday costs.
First, I want to talk about the health care provisions in the bill. I’ve seen firsthand the financial toll that dealing with medical care can bring, so I’m really excited about the difference this legislation will make for seniors and families. I’ve been working on reducing prescription drug costs throughout my time in Congress, and I can’t say enough about how big these reforms will be.
The Inflation Reduction Act will lower medical costs by:
- Capping the monthly cost of insulin for those on Medicare at $35, starting in January 2023;*
- Capping the total out-of-pocket cost of prescription drugs for people over 65 at $2,000 per year, starting in 2025;*
- Letting Medicare negotiate drug prices and use its bargaining power to give seniors lower prices at the pharmacy counter;
- Keeping premiums low for Michiganders who buy their insurance through the ACA marketplace.
And it doesn’t end with medical expenses. By taking advantage of new energy-efficiency incentives, folks can also lower their energy bills.
The Inflation Reduction Act will lower personal energy costs by:
- Providing rebates on energy efficient appliances and home weatherization;
- Issuing tax credits for efficient heating and cooling;
- Subsidizing purchases of new electric vehicles by up to $7,500, and used electric vehicles by up to $4,000.*
In addition to making it cheaper for Michiganders to switch to cleaner sources of energy, the legislation also makes a generational investment in the entire green economy, which is estimated to lower U.S. carbon emissions by 40% by 2030.* This will go a long way towards fighting climate change, including extreme weather like the floods that have clobbered Michigan communities these past couple of years.
It also means that the U.S. will be more energy independent, so things halfway across the world – like a war in Ukraine – won’t mean a significant spike in gas prices back home in Michigan, and oil producers like Saudi Arabia won’t have as much leverage over our economy.
And on top of all that, the bill will boost American battery and electric vehicle manufacturing, which will strengthen Michigan’s economy and make sure that the U.S. – not China – is leading the way in cutting edge technology.
The bill also:
- Creates incentives to boost production of American-made solar panels, wind turbines, and batteries
- Funds new clean energy programs, like hydrogen, nuclear, and other renewables
I know some folks reading this are thinking, “that sounds great, but how are we going to pay for it all?” Well, I’ve got some good news for you: not only will the Inflation Reduction Act not add a cent to the national debt, it is scheduled to actually decrease the deficit by hundreds of billions – more than any other piece of legislation in years.
The bill ramps up tax enforcement on corporate giants, so they can’t use expensive accountants to skirt their obligations, and by implementing a 15% minimum corporate tax rate on the 150 billion-dollar corporations in the U.S.* This was intended to make sure the most lucrative companies are paying their fair share. Additionally, allowing Medicare to negotiate for drug prices will let them get a better deal from big pharma companies, saving the federal government billions in drug costs over 10 years.
It’s taken a long time to get here, but by passing this bill, the government is finally making transformational changes that set big business and special interests aside and put American families front and center.
There’s a lot to cover in this bill, but I want to make sure that folks are hearing about what this legislation will do for them. So let me know below which issues are most important to you, and I’ll send you a follow up message with some more details. In the meantime, for more information, you can check out this fact sheet.
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*Source: White House Fact Sheet
– Rep. Elissa Slotkin |
