Inflation Reduction Act: Cutting Costs for Minnesotans I have no doubt that when I look back on my service in the Senate, I will see the Inflation Reduction Act as one of the most important pieces of legislation I had a chance to work on. It's called the Inflation Reduction Act because it will help lower costs for Americans, but this bill will do much more than that. It lowers health insurance costs for millions of Americans and lowers drug prices by finally allowing Medicare to negotiate the price of prescription drugs with drug companies. It will make our tax system more fair by closing loopholes so that corporations earning more than $1 billion a year in profits pay at least 15% in taxes. And maybe most importantly, it takes dramatic action to switch us to domestic clean power. Prescription Drugs and Health Care For decades, Democrats fought against Big Pharma to pass legislation allowing Medicare to negotiate directly for lower prescription drug costs. Finally, we beat them. For the first time, thanks to the Inflation Reduction Act, we will be able to use the full leverage of American taxpayers to get lower drug prices for millions of Americans. In addition, over 28,000 Minnesotans on Medicare who need insulin will see their costs capped at $35 per month. And for the first time, we will cap seniors' out-of-pocket cost for medicines at $2,000 a year. Finally, we will crack down on price gouging practices by pharmaceutical companies by limiting price hikes on medications. In addition to lowering prescription drug costs, we will lower the cost of health insurance. The Inflation Reduction Act extended generous tax credits so that Minnesotans can access affordable health insurance in the individual market. These are all big milestones in the fight for lowering health care costs. Unrigging the Tax Code For decades, Wall Street has fought tooth and nail to stop Democrats from unrigging the tax code. Before the Inflation Reduction Act, some of the largest, most profitable corporations paid zero dollars in federal income taxes. Here’s a list of some of the occupations that paid more in federal income taxes than some of these corporations: • Nurses • Teachers • Firefighters • Truckers • Waiters/waitresses But with the Inflation Reduction Act, we’re making sure these wealthy, powerful corporations have skin in the game by implementing a 15% minimum tax on corporate profits that can be reinvested in America's working people. That’s progress. Clean Power and the Climate Crisis Some of the biggest components of the clean energy sections of the Inflation Reduction Act have been all over the news – 40% emissions reductions being the biggest – but I want to highlight some of the programs Minnesotans will be able to take advantage of to fight the climate crisis and bring down their energy costs. For example, millions of low- and moderate-income Minnesotans wanting to install new electric appliances (like super-efficient heat pumps, water heaters, clothes dryers, stoves, and ovens) could receive rebates of 50 – 100 percent thanks to this law. Commercial building owners can receive a tax credit up to $5 per square foot to support energy efficiency improvements that deliver lower utility bills. Minnesotans can receive $4,000 - $7,500 in upfront discounts to buy an electric vehicle. These are just some of the examples of the incredible programs we’re delivering to ensure Minnesotans can lower their energy costs and invest in a cleaner future for our grandchildren. - There’s still so much work to be done in Congress – restoring a woman’s right to choose, expanding access to health care in rural areas and addressing the housing crisis to name a few. But with the Inflation Reduction Act we are proving that we can and will deliver for the American people on some of this nation’s most pressing issues.
-------------- History is no more than the lies agreed upon by the victors.
^^^ We should retaliate, cutoff technical support and and parts, no more weapons systems or ammo, see how long before Saw Die Arabia folds...no more GE, Westinghouse, Elloitt, Pratt & Whitney, Boeing , Textron Bell Helicopter, Lockheed Martin Sikorsky Aircraft, let'em eat shit 20% reduction in food....
Break OPEC...Venezuela has the largest known oil reserves in the world...we should be building South American economies ...kill to birds with one stone...solve the oil problem and the imagination issue...
If they want to go to war with US and side with Russia lets show them what that Defense Budget bought US....
-------------- History is no more than the lies agreed upon by the victors.
Remember boys and girls,
