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Monday, October 3, 2022

Rep. Kelly Votes to Pass the Inflation Reduction Act, Sending Historic Legislation to President Biden’s Desk

The US House of Representatives passed the Inflation Reduction Act.
The US House of Representatives passed the Inflation Reduction Act. The historic legislation now goes to President Biden who is expected to sign it. (MGN)

Washington, D.C.-(ENEWSPF)- Friday, Rep. Robin Kelly (IL-02) voted to pass the historic Inflation Reduction Act and send the legislation to President Biden’s desk. The Inflation Reduction Act will deliver landmark investments to lower Illinois families’ costs, create nine million good-paying union jobs, combat the climate crisis and dramatically reduce the deficit.

“I am proud to pass the Inflation Reduction Act today to reduce healthcare costs, protect our communities from the present threat of climate change, and to lower costs across the board for American workers and families,” said Congresswoman Kelly. “Democrats have never given up on negotiating this critical legislation because we know how important it is in helping our economy recover and in reducing costs for Americans.”

“With this historic legislation, we are finally enabling Medicare to negotiate drug pricing, capping healthcare costs for seniors, including a $35 per month insulin spending cap and extending ACA subsidies to save an average annual savings of $800 per person. I will continue working to lower costs for my constituents and improve healthcare costs and access for everyone,” said Congresswoman Kelly.

This legislation will bring down costs for working Illinoisans while building a cleaner economic future across the country, taking action to:

  • Lower prescription drug prices: empowering Medicare to negotiate the price of prescription drugs, preventing excessive price hikes, and capping seniors’ out-of-pocket drug costs at $2,000.
  • Lower health care costs: reducing approximately 300,000 Illinoisans’ premium costs, including nearly 10,000 constituents of Illinois Second Congressional District, by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
  • Lower energy costs: saving Illinois families an average of  $1000 per year on their energy bills.
  • Lower the deficit and help fight inflation: making a historic down payment on deficit reduction of approximately $300 billion. 
  • Deliver America’s largest-ever climate investment: supporting domestic energy production, creating nine million good-paying union jobs, and reducing carbon pollution by roughly 40 percent this decade.

According to 126 leading economists – including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, and two former Treasury Secretaries – the Inflation Reduction Act “will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth.” 

The Inflation Reduction Act also honors Democrats’ promise: no new taxes on families making $400,000 or less and no new taxes on small businesses. This legislation is fully paid-for by ensuring that large corporations and the ultra-wealthy pay their fair share:

  • Strengthening IRS enforcement against wealthy tax cheats.
  • Closing tax loopholes exploited by the wealthiest few.
  • Implementing a 15 percent corporate minimum tax on billion-dollar companies and a 1 percent tax on corporate stock buybacks.

An overwhelming majority of the American public supports the Inflation Reduction Act’s key health care, climate, and inflation-fighting measures.  Data for Progress found that 73 percent of voters back the Inflation Reduction Act, including 95 percent of Democrats, nearly three-quarters of Independents, and more than half of Republicans.

This legislation also enjoys broad support from a wide range of advocacy organizations, including the AFL-CIO, Natural Resources Defense Council, League of Conservation Voters, AARP, UnidosUS, Small Business Majority, Protect Our Care, and U.S. Conference of Mayors.

Source: Congresswoman Robin Kelly

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