House Democrats Pass Inflation Reduction Act To Lower Drug Prices, Make Health Care and Energy Costs More Affordable

Historic Bill Now Goes To the President for his Signature

Iowa - Following the U.S. House's passage of the Inflation Reduction Act, a bill set to enact historic drug pricing reform, lower energy costs and reduce the national deficit, Iowa Citizen Action Network Director, Sue Dinsdale, released the following statement:

"Today is a major victory for millions of Americans. Thanks to Congressional Democrats, especially Iowa's Representative Cindy Axne, we are celebrating the passage of the Inflation Reduction Act.

"The Act contains historic improvements to Medicare and health coverage. For the first time, Medicare will be able to negotiate for lower drug prices, out of pocket costs for seniors in Part D will be capped and millions of people will get more affordable coverage under the Affordable Care Act. These are long-overdue improvements that make medicines affordable for seniors and their families, and that save taxpayers billions over the next decade.

"Tax-dodging corporations making more than $1 billion in profits will now be required to pay more of what they owe and the IRS will have the resources to track down rich tax cheats who have avoided paying their fair share.

"This historic legislation also delivers the largest investment in climate action in U.S. history in a variety of ways including: low-carbon technologies, environmental justice initiatives for disadvantaged communities, and tax credits for consumers switching to cleaner energy sources. These incentives will take effect in 2023, and according to Democrats, will mean a 40% cut in greenhouse emissions from 2005 levels by the end of the decade.

"Recent polls reflect overwhelming bipartisan support across the country, but rather than working with Democrats to stop tax price-gouging corporations, lower healthcare costs and combate climate change, Iowa Representatives Miller-Meeks, Hinson and Feenstra joined with every House Republican and voted against this important package, showing constituents which side they are really on when it comes to the climate, prescription drug price-gouging and tax breaks for corporations.

"These are long-overdue improvements, so today we are celebrating the passage of a much-needed bill to help Iowans and Americans."