WASHINGTON, DC - Today, Congressman Kweisi Mfume (MD-07) proudly voted in favor of the Inflation Reduction Act, historic legislation focused on lowering the skyrocketing cost of health care and prescription drugs, making large corporations pay their fair share in taxes and tackling the climate crisis. The bill passed with a vote of 220 to 207 with no Republicans voting in favor of the legislation. It will now go to President Biden’s desk for his signature.
WATCH: Congressman Mfume's Remarks on the Inflation Reduction Act
“The Inflation Reduction Act is what Democrats are all about: lowering the cost of health care, standing up to the biggest corporations ripping off everyday Americans, and tackling the climate crisis with the fierce urgency of now,” said Congressman Mfume (MD-07). “I’m proud to support this historic legislation that puts people over politics and money back into the pockets of my constituents in Baltimore.”
Topline Highlights of the Inflation Reduction Act
Lowers the Cost of Health Care
- Allows Medicare for the first time to negotiate the price of high price prescription drugs
- Caps Medicare recipient out-of-pocket prescription drug costs at $2,000 for the 1 million Marylanders qualifying for Medicare
- Caps the monthly cost of covered insulin products at $35 for the 50,000 Marylanders on Medicare that have diabetes and are on insulin
- Extends Affordable Care Act subsidies for three more years, locking in lower health care premiums that will save 153,000 Marylanders about $80 per month
Tackles the Climate Crisis
- Takes the most aggressive action in our history to combat the existential crisis of climate change with a $369 billion overall investment in clean energy, which is projected to reduce emissions by 40% by 2030
- Offers a tax credit of up to $7,500 for qualified ‘clean’ vehicles
- Boosts the tax credit for installing energy efficient products at nonbusiness properties from 10% to 30%
Taxes the Largest Corporations and Reduces the Deficit
- Makes corporations pay their fair share by implementing a 15% corporate minimum tax that applies to the top 150 corporations earning over $1 billion in profits that pay less than 15%
- Strengthens IRS enforcement against wealthy tax cheats
- Does not tax any families making $400,000 or less and makes no new taxes on small businesses
- Makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation
According to 126 leading economists—including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, two former Treasury Secretaries—this legislation “will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth.”
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