Senator King’s September Podcast Highlights Inflation Reduction Act Benefits to Maine

WASHINGTON, D.C. - The Office of U.S. Senator Angus King (I-Maine) today released the September episode of Senator King's "Inside Maine" podcast, in which Senator King and his guests discussed the significant benefits coming to Maine communities from the recently passed Inflation Reduction Act - a historic package to address rising energy and healthcare costs, fight climate change, create jobs and cut the deficit. Senator King was joined by four expert guests who helped to explain key commonsense provisions in the bill: Senator Tim Kaine (D-Virginia), AARP Maine State Director Noel Bonam, Executive Director of the Maine Renewable Energy Association Jeremy Payne, and Maine Society of CPAs Treasurer Mike Santo. During the conversation, Senator King and his guests discussed how the fully-paid-for bill will reduce drug costs for seniors, support America's affordable energy future, and make the IRS work better for Maine taxpayers.

"The Inflation Reduction Act is a historic effort to lower healthcare and energy costs, fight climate change, and reduce the deficit," said Senator King. "Included in the package are commonsense provisions that will save Maine people thousands of dollars a year on their energy bills, and reduce drug costs for seniors by capping Medicare recipients' out-of-pocket drug costs and allowing Medicare to finally negotiate the price it pays for pharmaceuticals. The law also includes my provisions to reduce the deficit by trillions by fully funding the IRS and making sure massive corporations are paying their fair share. It was great to be joined by four experts on Inside Maine this month who helped preview the tangible benefits this bill will have for Maine people. I look forward to keeping in touch with them to hear their continued work on the issues facing Maine."

Senator King was first joined by Senator Tim Kaine (D-Virginia) who worked with Senator King on many of the bill's key provision - including to go after wealthy tax cheats and invest in clean energy. Senator Kaine gave an overview of the package, and highlighted several of the key parts of the bill that will make a difference for working people in Maine and Virginia.

Next, King spoke with AARP Maine State Director Noel Bonam who had previously urged Senator King to ensure Medicare drug price negotiation was included in the bill. Bonam explained the importance of the drug pricing provisions, and what it will mean for Maine seniors. He specifically pointed to the out-of-pocket cost cap as a "gamechanger."

Continuing the episode, King was joined by Executive Director of the Maine Renewable Energy Association Jeremy Payne who helped explain the clean energy provisions in the bill. Payne laid out how the historic clean energy investments will fight climate change, create more affordable and reliable American energy, and create thousands of new energy jobs in Maine.

Senator King closed out the episode with Maine Society of CPAs Treasurer Mike Santo who laid out the serious funding and staffing shortage facing the IRS, and the hurdles this has caused Maine people and small businesses. Santo detailed how the new IRS funding will mean better tax service for working people, and debunked several myths about new audits going after middle class Americans.

The Inflation Reduction Act will:

LOWER HEALTH CARE AND PRESCRIPTION DRUG COSTS

• Empower Medicare to negotiate the price of prescription drugs. The Inflation Reduction Act allows Medicare to negotiate a significantly discounted price for the prescription drugs they buy from pharmaceutical companies. This will save taxpayers hundreds-of-billions.
• Cap Medicare patients' out of pocket drug costs at $2,000 per year. Today, there is no cap on spending for prescription drugs seniors buy from pharmacies. The Inflation Reduction Act caps Medicare's out of pocket prescription drug costs at $2,000 a year, ensuring that devastating diagnoses, like cancer, will never again mean paying tens of thousands for just one drug.
• Institute a new "inflation rebate" under Medicare. Drug companies should not be allowed to make arbitrary and rapid price increases on products that are not changing year-to-year. The Inflation Reduction Act requires drug companies to rebate back the difference to Medicare if they raise prices higher than inflation.
• Provide free vaccines for seniors. The Inflation Reduction Act makes all vaccines free in Medicare for seniors, the only population for which vaccines were not already free.
• Expand premium and co-pay assistance on prescription drugs for low-income individuals. Currently, the low-income subsidy program (LIS) under Medicare Part D is fully available to all seniors earning less than 135% of the federal poverty level, and partially available to seniors earning less than 150% of the federal policy level. The Inflation Reduction Act eliminates the partial subsidy status, giving those seniors the full low-income subsidy under Medicare Part D.
• Extend Affordable Care Act premium subsides. The Inflation Reduction Act makes a three year extension of premium subsidies for American's who receive their healthcare through the Affordable Care Act - more than 100,000 Maine people.

CUT ENERGY COSTS AND ADDRESS CLIMATE CHANGE

• Make the largest ever investment in clean energy. The Inflation Reduction Act includes $260 billion in clean energy tax credits - the largest investment ever in renewable energy technologies. This will reduce carbon emissions by 40% in just a few years, and create countless manufacturing and production jobs across the country.
• Support energy efficiency and cost-saving programs. Included in the Inflation Reduction Act is $80 billion for energy saving rebates. This will help Maine people purchase cost-saving technologies like heat pumps, better insulation, or home solar panels.
• Invest in the production of American oil and gas. The Inflation Reduction Act expands leasing of oil and gas on federal lands to increase the supply of American fossil fuels and drive down prices for consumers as the country transitions to clean energy.
• Boost efforts to fight climate change. Along with support for a clean energy transition, the Inflation Reduction Act contains several major provisions to address climate change. The bill has $1.5 billion in rewards for cutting methane emissions, $27 billion for a "green" technology bank, and significant support for clean transportation.

REDUCE THE DEFICT AND CLOSE TAX LOOPHOLES

• Fund the IRS to go after high-earning tax cheats to improve tax compliance. Some of America's wealthiest have taken advantage of an underfunded Internal Revenue Service (IRS) to avoid paying the taxes they owe. The Inflation Reduction Act boosts IRS funding by $80 billion for better enforcement that will net $125 billion in deficit reduction over the next 10 years. This bill reflects the same priorities as the STOP Cheaters Act that Senator King introduced in May 2021.
• Enforce a 15% Corporate Minimum Tax. Many of America's largest companies exploit loopholes to pay little to no taxes - it's not fair to taxpayers. The Inflation Reduction Act includes a corporate alternative minimum tax (AMT) provision, based on Senator King's Real Corporate Profits Minimum Tax Act, thatimposes a 15% minimum tax on corporations with profits of more than $1 billion, raising more than $220 billion in the next 10 years.
• Reduce the deficit for years to come. In total, the Inflation Reduction Act is projected to reduce the deficit by $1.9 trillion over the next two decades.

The "Inside Maine Podcast with Senator Angus King" is a 30-minute program that aims to help keep Maine people informed about issues of the day, how they affect life in the state, and how they factor into Senator King's work as one of two independents in the U.S. Senate. Senator King's podcast builds on his existing radio show that airs on Newsradio WGAN in Portland, Maine between 10 and 11 a.m. typically on the last Saturday of every month.

To listen to the September edition of Senator King's podcast click HERE or find it on Apple Podcasts.

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