Rep. Demings Votes for Inflation Reduction Act

Orlando, FL: Today Rep. Val Demings (FL-10) voted for the Inflation Reduction Act, which now goes to the President to become law.Said Rep. Demings, "This is about saving you money and creating new jobs. This bill will reduce the cost of prescription drugs, make health insurance more affordable, cap out of pocket costs, reduce your energy bill, reduce the federal deficit, and bring down inflation. As the daughter of a maid and a janitor every dollar mattered in our household. I'll always fight to protect working families.

"I'm proud to have been a part of the work leading up to this moment, including prior legislation to allow Medicare to negotiate down the cost of prescription drugs, bring down energy costs, and create great new jobs by fighting climate change.

"Senate Republicans tried and failed to block this legislation because it takes on their biggest backers: prescription drug companies, fossil fuel companies, and billionaire corporations. I'm going to put Florida families first, and support policies to bring down costs for working people even if it cuts into the profit margins of these special interests. I'm proud to vote today to bring down costs for working Floridians."

The Inflation Reduction Act will:

Voters supportthe Inflation Reduction Actby a +51-point margin, with 73% supporting and 22% opposed. 69% of votersagreethat "billionaires and big corporations no longer being able to get away with not paying their fair share of taxes" would help combat rising prices.

The Inflation Reduction Act:

• Lowers the cost of health care by allowing Medicare to negotiate lower prices for prescription drugs and extending Affordable Care Act subsidies that benefit 13 million Americans
  • The Inflation Reduction Act will prevent 3 million Americans from losing their health coverage by capping health premiums at 8.5% of income through 2025, saving on average $800/year.
  • For the first time ever, this bill caps Medicare Part D out-of-pocket drug spending at $2,000 per year.
  • This bill empowers the Secretary of HHS to negotiate prescription drug prices for high-priced drugs in Medicare, lowering prices for seniors and people with disabilities.
  • This bill requires drug manufacturers to pay a rebate to Medicare if they increase their prices faster than the rate of inflation.
  • This bill caps insulin costs under Medicare and improves access to vaccines and biosimilars and increases support for low-income beneficiaries.
• Cuts energy costs and strengthens America's energy security, while combatting the climate crisis by reducing carbon pollution by 40 percent by 2030
  • Creates a Methane Emissions Reduction Program to control excess methane pollution
  • Provides rebates to electrify Americans' homes and make them more energy efficient, combating the climate crisis and saving consumers money on utility bills.
  • Invests in a 21st Century energy grid capable of delivering reliable, clean energy throughout the nation
  • Creates more good paying, clean energy jobs to help grow the economy all while slashing greenhouse gas pollution.
    • This bill is going to be the biggest boost to U.S. manufacturing in a generation.
  • Over the past five years, our nation has experienced 89 climate disasters, causing more than $1 billion each in damages. These disasters cost a total of $788 billion and 4,557 lives.
• Reduces the federal deficit by closing loopholes to make big corporations pay their fair share and strengthening IRS enforcement so billionaires and big corporations cannot cheat on their taxes
  • The Inflation Reduction Act's corporate alternative minimum tax will make sure large corporations pay at least a 15% rate on the income they report to their investors.
    • Nurses, firefighters, cops, and teachers often pay higher tax rates than companies with $1 billion in profit per year.
    • This applies only to companies with $1 billion in profit per year. Not a billion in sales. A billion in profit.
  • The IRA imposes a 1% excise tax on public companies that buy back their stock. This will encourage companies to use their profits to invest in jobs and the economy, rather than buying up their own stock and avoiding taxes.
  • The IRS has seen its funding and staffing cut in the last decade by approximately 20 percent, and this funding will finally allow the agency to hire the auditors with the experience-needed to perform audits on the wealthiest Americans. The top 1% fail to pay $160 billion of the taxes they owe each year.
  • The Republican-appointed Commissioner of the IRS has already committed that audit rates won't rise for those earning less than $400,000.

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