We did it! Last weekend the Senate passed the Inflation Reduction Act. Not only will this bill make historic investments in clean energy and save Colorado families hundreds on health care costs, it will also reduce the deficit, tackle inflation, and make large corporations pay their fair share.
We’ve summed up some of the key provisions so you can see exactly how this bill is going to benefit folks like YOU.
First off, this bill is the largest climate rescue investment by any country ever. It contains $373 billion in climate change investments that will accelerate our transition to clean energy, including:
- More than $100 billion in tax credits for clean energy generation and storage
- Electric vehicle tax credits to help make EVs more affordable – that’s $7,500 for new cars and $4,000 for used
- Billions for manufacturing solar panels, wind turbines, batteries, and electric vehicles RIGHT HERE in the United States
- Rebates for home efficiency and electrification like heat pumps, solar rooftops, and electric stoves
Next on our agenda? Health care! When Democrats took control of Congress, we pledged to tackle rising health care and prescription drug costs. Here’s how this bill does just that 👇
- Allows Medicare to negotiate the most expensive prescription drugs directly with pharmaceutical companies – lowering costs for everyone – and keeps Medicare drug prices from rising faster than inflation
- Caps out-of-pocket costs for seniors with Medicare at $2,000 a year – and insulin for Medicare beneficiaries at $35 per month
- Extends savings for 13 million Americans who purchase health insurance plans through the Affordable Care Act – this helps 3 out of 4 Coloradans with Connect for Health Colorado plans save an average of 52 percent on their monthly premiums!
And you know what the best part is? THE BILL IS ENTIRELY PAID FOR with $300 billion leftover to bring down the deficit! By making sure wealthy corporations pay their fair share in taxes, we are going to tackle inflation, reduce the deficit, and lower costs for families. Here’s the secret:
- A 15% minimum tax for approximately 200 of the largest corporations with more than $1 billion in profits – many of them currently pay ZERO in federal taxes
- A 1% excise tax on stock buybacks, which corporations use to inflate their stock price and pay CEOs. Did I mention we proposed this idea? 😊
- Enforcing current tax law by going after millionaires and billionaires who are illegally evading taxes
Nearly two years ago, you sent me to Washington to fight for Colorado, and that’s exactly what this bill does. But our work is just beginning, and I can’t wait to see what else we are able to accomplish. Stay tuned!
Senator John Hickenlooper