Sewell Celebrates One-Year Anniversary of the Landmark Inflation Reduction Act
Published 10:00 am Wednesday, August 23, 2023
U.S. Rep. Terri Sewell (AL-07) remembers last year when President Joe Biden signed the Inflation Reduction Act.
The legislation has helped Alabama families. Over the last year, investments in the Inflation Reduction Act have lowered costs for state residents, creating new jobs, combating climate change, advancing environmental justice, and reducing the deficit, all without a penny in new taxes for Americans making under $400,000. Sewell was the only member of Alabama’s congressional delegation to vote in favor of the bill.
“One year ago, President Biden signed into law a historic piece of legislation that is bringing down costs for Alabama families, growing the middle class with new clean energy and manufacturing jobs, and making the largest investment to fight climate change in our nation’s history,” Sewell said. “I was proud to be the only member of the Alabama delegation to vote in favor of the Inflation Reduction Act, and I’m even prouder today as it continues to deliver for our families, our communities, and our planet. We’re already seeing the investments from the Inflation Reduction Act lay the foundation for decades of economic growth and cost savings, and soon our provisions to cap prescription drug costs will provide even more breathing room for Alabama families.”
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Here’s what the Inflation Reduction Act does:
Lowering costs for families
- Thanks to the Inflation Reduction Act, the 31,000 people who signed up for a marketplace plan in Alabama’s 7th District are saving an average of $740 on their health care premiums this year.
- Caps insulin prices for seniors and other Medicare beneficiaries at $35/month, saving about 3,800 people in Alabama’s 7th District who use insulin an average of $400 annually.
- An estimated 367,000 Alabamians will save an average of $360 on prescription drugs every year when the $2,000 cap on annual out-of-pocket pharmacy costs for Americans with Medicare goes into effect in 2025.
- Allows Medicare to finally negotiate prescription drug prices starting in 2026, slashing prices and saving taxpayers nearly $100 billion over the next 8 years.
- Unleashes the power of cleaner, cheaper energy to save families hundreds of dollars on their energy bills every year and provides thousands of dollars in discounts to help families upgrade to more efficient appliances and vehicles.
Growing the middle class:
- Delivers a clean energy future, with over 170,000 new jobs and $278 billion in new investments already announced in 44 states, including 400 clean energy jobs and $205 million in investments right here in Alabama’s 7th District.
- Lays the foundation for the future of our economy with historic investments in clean energy and American manufacturing that are projected to create millions of jobs and reduce carbon pollution by 40 percent by 2030.
- Gives more Americans a path to the middle class by expanding workforce training and registered apprenticeship programs to create good-paying jobs that don’t require a college degree.
Promoting tax fairness and reducing the deficit:
- Achieves hundreds of billions of dollars in deficit reduction without a penny in new taxes on families making under $400,000 per year.
- Ensures billion-dollar corporations are contributing to the communities they rely on with a 15% minimum tax for large corporations.
- Gives the IRS the resources they need to take on wealthy tax cheats while improving services for families, reducing average wait times from 27 minutes to 4 minutes.