ICYMI: Sen. Murray on IRA Keeping Health Care Costs Low: “Stress Off Patients’ Shoulders, Money in Their Pockets” – MORE HERE
ICYMI: Senator Murray Statement on IRA’s Historic Steps to Lower Americans’ Prescription Drug Costs – MORE HERE
ICYMI: Senator Murray On Largest Climate Change Investment in History in the Inflation Reduction Act – MORE HERE
***WATCH: Senator Murray Delivers Floor Remarks on Inflation Reduction Act***
(Washington, D.C.) – Today, U.S. Senator Patty Murray (D-WA) helped pass the Inflation Reduction Act, a historic piece of legislation that will lower health care costs and deliver the largest-ever investment in climate action—lowering energy costs, promoting energy independence, and creating good-paying jobs. The Inflation Reduction Act is fully paid for by ensuring the very wealthiest and giant corporations simply pay their fair share and would actually reduce the deficit by more than $300 billion.
“No one should have to worry about whether they can afford the health care or medicine they need. This bill will finally give Medicare power to force drug companies to the bargaining table and negotiate lower drug prices for patients across the country. And for seniors who are often on fixed incomes: we are going to cap the price of insulin at just $35 per month, cap out-of-pocket costs, and we are stopping big pharma from jacking up the cost of their drugs—forcing them to limit price increases to inflation,” said Senator Murray of the Inflation Reduction Act’s prescription drug provisions. “Lifesaving medicine doesn’t do any good if people can’t afford it—and this legislation makes meaningful progress toward making sure people don’t have to empty their savings account just so they can fill their prescription.”
“This bill helps people get quality, affordable insurance too, by extending the health care tax credits we passed in the American Rescue Plan—that makes a difference right now for millions of people,” said Senator Murray of the Inflation Reduction Act’s health care provisions. “More than 100,000 people found coverage on Washington state’s exchange for no more than $100 a month because of these tax credits. These aren’t just words on paper and it’s not just about saving patients’ money—this will save lives. We are helping patients who are rationing their prescriptions to make ends meet, or who are afraid to see their doctors—not because they are scared of getting a diagnosis, but because they are scared of the price tag. And I am going to keep building on this momentum with even more bold policies to ensure health care is truly a right, not a privilege, for everyone in our country.”
“I talk to young people in Seattle who are urgently calling on Congress to take bold climate action and families in Yakima County who are deeply concerned by a wildfire season that seems to get worse and worse every year—the climate crisis is here and it’s time we take action,” continued Senator Murray on the Inflation Reduction Act’s climate and energy provisions. “This historic legislation will be the largest-ever investment in climate action in our country’s history. Washington state is uniquely poised to take full advantage of federal clean energy tax credits and grants that will deliver lower energy costs for consumers, millions of good-paying jobs, and promote real energy independence.”
“And finally—this legislation won’t just bring down families’ every day costs, it will bring down the deficit—by more than $300 billion,” said Senator Murray in closing on the Inflation Reduction Act’s tax provisions. “Because every cent of this bill is paid for—and then some—by simply ensuring giant corporations pay their fair share in taxes. There’s no reason a billion dollar corporation should pay less in taxes than a firefighter or a teacher in Walla Walla, Washington—just because the current system lets them skirt or even plain cheat on their taxes. That’s not right. And Democrats won’t let it fly any longer and no working or middle-class family in Washington state will see their taxes go up one penny.”
LOWERING PRESCRIPTION DRUG COSTS:
The Inflation Reduction Act will finally allow Medicare to negotiate lower prescription drug costs—something Senator Murray has been fighting to do for years—bringing down costs for patients and generating enormous savings for taxpayers. It will cap Medicare beneficiaries’ out-of-pocket prescription drugs costs at $2,000 a year, cap their insulin costs at $35 a month, and cap price increases on their prescriptions at the rate of inflation so that drug makers cannot jack up prices to juice their own profits—helping Washington state’s more than 2.5 million seniors save money on their prescriptions.
LOWERING HEALTH CARE COSTS:
The Inflation Reduction Act will extend—for three full years—the health care tax credits Senator Murray championed in the American Rescue Plan to keep saving families money on health care. The tax credits have saved millions of Americans thousands of dollars on health care, spurred record enrollment on the exchanges, and helped bring our nation’s uninsured rate to an all-time low. In Washington state, more than 60,000 new people have enrolled in coverage, two in five have found coverage for less than $100 a month, and 40,000 people have found coverage on Washington’s exchange for less than $10 a month.
BUILDING A STRONGER CLEAN ENERGY ECONOMY, LOWERING ENERGY COSTS AND EMISSIONS:
Washington state is a leader on tackling the climate crisis and the Inflation Reduction Act would only bolster those efforts. The Inflation Reduction Act would establish major cost-saving benefits for Washington state consumers with home energy rebates and consumer tax credits to invest in energy efficiency— rooftop solar, heat pumps, appliances, and more. It would also establish $4,000 tax credits for consumers purchasing used clean vehicles and up to $7,500 for new clean vehicles—encouraging manufacturers to put more clean vehicles on the market.
The climate provisions in the Inflation Reduction Act would implement major clean energy tax credits and grants that would spur a historic, first-of-its-kind economy-wide transition to clean energy—from our utilities to manufacturing industry. This would help build on and expand existing solar and wind energy production in Central and Eastern Washington to move us towards sustainable energy independence and takes steps to help rural communities and farmers across Washington state adapt to a rapidly changing climate.
The Inflation Reduction Act will help electrify ports like the Port of Seattle to help cut those emissions and make the air around them safer to breathe. The Inflation Reduction Act also funds research and development into cleaner aviation fuel and technology – much of which happens in Washington state.
You can find a summary on the climate and energy provisions of the Inflation Reduction Act here.
FULLY PAID FOR AND LOWERS THE DEFICIT BY ENSURING GIANT CORPORATIONS PAY THEIR FAIR SHARE:
The Inflation Reduction Act would invest in re-building the Internal Revenue Service (IRS) to go after giant corporations and the very wealthiest cheating on their taxes. Importantly, it imposes a 15% Corporate Minimum Tax to ensure the wealthiest Americans and corporations simply pay their fair share of taxes. In sum, the revenue raising provisions of the Inflation Reduction Act will help reduce the deficit by more than $300 billion.