FRIDAY – Today, Rep. Kirkpatrick voted to send historic, inflation-fighting legislation to the President’s desk. The Inflation Reduction Act will deliver landmark investments to lower Arizona families’ kitchen table costs, create nine million good-paying union jobs, combat the climate crisis and dramatically reduce the deficit.
“Today, I proudly voted to fight inflation, slash Arizonans’ kitchen table costs, create good-paying jobs and deliver the largest climate investment in our nation’s history,” said Rep. Kirkpatrick. “The Inflation Reduction Act is a historic victory for Arizona families and for our planet: delivering the investments we need to lower health care costs, reinvigorate American manufacturing and drive our transition to a clean energy economy. I am especially proud that this legislation is fully paid-for by ensuring that corporations can’t dodge their taxes – ensuring that not one middle class Arizonan or small business pays a cent more in taxes. This legislation is a monumental step forward in House Democrats’ fight to build a fairer, cleaner economy, and we remain laser-focused on putting People Over Politics: lowering costs, creating better-paying jobs and building safer communities for all.”
This legislation will bring down costs for working Arizonans while building a cleaner economic future across the country, taking action to:
- Lower prescription drug prices: empowering Medicare to negotiate the price of prescription drugs, preventing excessive price hikes and capping seniors’ out-of-pocket drug costs at $2,000.
- Lower health care costs: reducing Arizonans’ premium costs by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
- Lower energy costs: saving Arizona families an average of $1000 per year on their energy bills.
- Lower the deficit and help fight inflation: making a historic down payment on deficit reduction of approximately $300 billion.
- Deliver America’s largest-ever climate investment: supporting domestic energy production, creating nine million good-paying union jobs and reducing carbon pollution by roughly 40 percent this decade.
According to 126 leading economists – including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, two former Treasury Secretaries – the Inflation Reduction Act “will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth.”
The Inflation Reduction Act also honors Democrats’ promise: no new taxes on families making $400,000 or less and no new taxes on small businesses. This legislation is fully paid-for by ensuring that large corporations and the ultra-wealthy pay their fair share:
- Strengthening IRS enforcement against wealthy tax cheats.
- Closing tax loopholes exploited by the wealthiest few.
- Implementing a 15 percent corporate minimum tax on billion-dollar companies and a 1 percent tax on corporate stock buybacks.
An overwhelming majority of the American public supports the Inflation Reduction Act’s key health care, climate and inflation-fighting measures. Data for Progress found that 73 percent of voters back the Inflation Reduction Act, including 95 percent of Democrats, nearly three-quarters of Independents, and more than half of Republicans. This legislation also enjoys broad support from a wide range of advocacy organizations, including the AFL-CIO, Natural Resources Defense Council, League of Conservation Voters, AARP, UnidosUS, Small Business Majority, Protect Our Care and U.S. Conference of Mayors.