CONGRESSMAN GONZALEZ VOTES IN FAVOR OF INFLATION REDUCTION ACT, LOWERING COSTS FOR SOUTH TEXAS SENIORS AND WORKING FAMILIES

WASHINGTON - Congressman Vicente Gonzalez (TX-15) released the following statement after voting for H.R. 5376, the Inflation Reduction Act (IRA) of 2022, which will lower the cost of prescription drugs and healthcare, reduce the deficit and ensure those at the top pay their fair share:

"The Inflation Reduction Act is an important opportunity to counteract inflation and deliver for South Texas. It is far from perfect, but it is a product of compromise.

"This bill caps the cost of insulin, sets an out-of-pocket cap on andlowers the price of medication for Medicare beneficiaries, reduces energy and healthcare costs for South Texas families and requires corporations and those at the top to pay their fair share in taxes without raising taxes on families making $400,000 or less.

"Many have raised concerns with provisions pertaining to domestic energy production. Rest assured that I worked and am still working to assure this bill does not prevent the United States from leading the world in responsible oil and gas production. This legislation will empower us to invest in the technologies to create a cleaner, greener future. I look forward to continuing my work to bring energy costs down for all Americans andensure the United States remains energy independent."

The Inflation Reduction Act is historic legislation that will lower kitchen table costs, dramatically reduce the deficit and support our seniors without raising taxes for middle class American families and small businesses.

The bill provides supports our seniors by:

· Empowering Medicare to Negotiate Drug Prices: For the first time, empowers Medicare to negotiate prices for the highest cost single-source drugs in Medicare, a policy that Democrats have been trying to enact for years. The provisions save more than $100 billion over 10 years.

· An Inflation Rebate for Seniors on Medicare: Over the past 20 years, price increases for brand-name drugs in Medicare Part D have risen at more than twice the rate of inflation. Under this bill, if drug companies raise prices in Medicare faster than the rate of inflation, they must pay rebates back to Medicare for the difference, beginning in October 2022. Senate Republicans forced the removal of a provision that applied inflation rebates to drug sales to families with private health insurance.

· New $2,000 Out-Of-Pocket Cap for Part D Drugs for Seniors on Medicare: Caps Part D out-of-pocket drug costs at $2,000 a year for seniors and individuals with disabilities on Medicare, starting in 2025.

· Caps Insulin Costs at $35 A Month for Seniors and Individuals with Disabilities on Medicare: Caps Medicare beneficiaries' insulin costs at $35 a month. Republicans voted against capping insulin out-of-pockets costs for Americans with private health insurance keeping this vital protection out of the bill.

This historic legislation honors our promise to lower healthcare and energy costs for American families - and is fully paid for:

· Lowering Premiums in ACA Marketplaces for 13 million Americans: Extends enhanced ACA subsidies for three years, through 2025. Without these provisions, these enhanced ACA subsidies would expire in January, causing increases in the premiums Americans would pay who are in the ACA marketplace and leading roughly 3 million Americans to lose their health coverage.

· Consumer Home Energy Rebate Programs: Provides $9 billion in consumer home energy rebate programs, focused on low-income consumers, to electrify home appliances and for energy efficient retrofits.

· 10 Years of Consumer Tax Credits to Make Homes Energy Efficient: Provides 10 years of consumer tax credits to make homes energy efficient and run-on clean energy, making heat pumps, rooftop solar, electric HVAC, and water heaters more affordable.

· $1 Billion Grant Program to Make Housing More Energy Efficient: $1 billion grant program to make affordable housing more energy efficient.

· Makes biggest corporations and ultra-wealthy pay their fair share: paid for by strengthening IRS enforcement against wealthy tax cheats, closing tax loopholes exploited by the wealthiest few, and implementing a 15 percent corporate minimum tax - which applies only to the 150 corporations making earning over $1 billion in profits that pay less than 15% in taxes.

· NO new taxes on families making $400,000 or less and NO new taxes on small businesses: Not one middle class person filling out their taxes will find that they are facing higher taxes or higher tax rates.

More information on the IRA can be found here.

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