CONGRESSMAN JOE MORELLE TAKES HISTORIC ACTION TO LOWER COSTS FOR FAMILIES

(Washington, D.C.) — Today, Congressman Joe Morelle voted in favor of transformative legislation to lower the cost of healthcare and prescription drugs, reduce inflation, combat the climate crisis, and more. The legislation marks the largest investment in healthcare since the Affordable Care Act and will cut costs for families, providing much-needed financial relief.

“My top priority is supporting the needs of families, and that means cutting costs—which is exactly what this legislation will accomplish,” said Congressman Joe Morelle. “It takes concrete steps to combat the issues hitting families the hardest by lowering the cost of prescription drugs for seniors, making healthcare more affordable, and lowering energy costs. I’m also proud it makes historic investments to fight the climate crisis. I am grateful to my House and Senate colleagues for coming together to pass this critical legislation and deliver on our promise to uplift hardworking families.”

The Inflation Reduction Act delivers much-needed solutions to many of the biggest challenges families face and will lower costs on everything from medication and healthcare to energy bills and new vehicles. The bill also makes a historic down payment on deficit reduction to fight inflation while ensuring the ultra-wealthy and mega corporations pay their fair share.

Highlights of this legislation include measures to:

LOWER THE COST OF PRESCRIPTION DRUGS

• Allow Medicare to negotiate the cost of some of the most expensive prescription medications;
• Establish a $2,000 annual cap on out-of-pocket costs for prescription medications for Medicare beneficiaries;
• Cap the out-of-pocket insulin cost for Medicare beneficiaries at $35 for a 30-day supply.

MAKE HEALTHCARE MORE AFFORDABLE

• Extend expiring Affordable Care Act subsidies through 2025, saving millions of families an average of $800 a year.

FIGHT THE CLIMATE CRISIS

• Invest in new and expanded clean electricity tax credits to incentivize the transition to a cleaner power supply;
• Increase domestic production of clean energy and reduce carbon emissions by roughly 40% by 2030;
• Focus investments into disadvantaged communities that are disproportionately impacted by the effects of climate change;
• Strengthen clean public transportation options and bring down the cost of green vehicles for consumers.

ENSURE THE WEALTHY PAY THEIR FAIR SHARE

• Implements a 15% corporate minimum tax ensuring mega corporations cannot avoid paying their fair share in taxes;
• Imposes a 1% excise tax on stock buybacks over $1 million, targeting wealthy corporations who put the priorities of Wall Street over everyday families;
• Funding the Internal Revenue Service to go after tax cheats, targeted at individuals making over $400,000 annually.

All these investments come without any additional tax burdens on hard-working families or small businesses.

For more information on the Inflation Reduction Act, read the full text of the legislation here. The bill has been passed by the Senate and will now be sent to the President’s desk, where he is expected to swiftly sign it into law.