Rep. Sara Jacobs Presides over the House Floor During Passage of the Inflation Reduction Act
Congresswoman Sara Jacobs (CA-53) presided over the House Floor during the passage of the Inflation Reduction Act today, which would reduce the deficit; bring down health care, prescription drugs, and energy costs; invest a historic $369 billion in climate action, and make corporations pay their fair share. The legislation now heads to President Biden’s desk for his signature.
“This is a really big deal and a historic day for kids, families, and seniors in San Diego and across the country. The Inflation Reduction Act tackles inflation head-on, reduces our deficit, lowers the cost of health care and prescription drugs, and makes the largest ever investment in our climate resilience,” said Congresswoman Sara Jacobs. “I’m especially grateful today for all the young people who fought and marched and raised their voices so that we would finally address climate change with the urgency it deserves. I was proud to support and preside over the House Floor during the passage of the Inflation Reduction Act, and I look forward to President Biden signing this historic legislation into law.”
The Inflation Reduction Act would:
- Lower health care costs: reduces the cost of health care for millions by extending ACA enhanced subsidies for three years, locking in lower health care premiums that save 13 million people an average of $800 a year
- Lower prescription drug costs: for the first time ever, empowers Medicare to negotiate the price of prescription drugs; creates a new out-of-pocket cap for Part D drug costs for Medicare beneficiaries of $2,000 a year, starting in 2025; and creates a new $35 monthly cap for insulin costs for Medicare beneficiaries
- Lower energy costs: provides consumer tax credits to make homes energy efficient and to buy used or new electric vehicles, a $1 billion grant program to make affordable housing more energy efficient, and a methane emissions reduction program
- Fight the climate crisis: provides tax credits and grants to reduce emissions in every sector of the economy, substantially reducing emissions from electricity production, transportation, industrial manufacturing, buildings, and agriculture, ultimately cutting overall emissions by roughly 40% by 2030
- Reduce the deficit and lower inflation: makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation
- Help restore tax fairness: implements a 15% corporate minimum tax without any new taxes on small businesses or families making $400,000 or less
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