Trone Votes for Inflation Reduction Act to Deliver Relief to Hardworking Families, Bolster Domestic Energy Production, and Lower Health Care Costs
FOR IMMEDIATE RELEASE
August 12, 2022
Contact: Sasha Galbreath, Sasha.Galbreath@mail.house.gov
Trone Votes for Inflation Reduction Act to Deliver Relief to Hardworking Families, Bolster Domestic Energy Production, and Lower Health Care Costs
WASHINGTON, D.C. — Today, Congressman David Trone (MD-06) voted for the Inflation Reduction Act, a historic investment in lowering health care costs, increasing American-made manufacturing, and combating climate change.
The Inflation Reduction Act is a sweeping legislative package – supported by the majority of Americans – to reaffirm our nation’s commitment to securing a path to prosperity for every American and strengthening our economic competitiveness in the 21st century. The Act:
- Reduces inflation by paying down the federal deficit by approximately $300 billion, helping to ensure steady, long-term economic growth.
- Reduces the cost of health care for millions by extending ACA enhanced subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year, and lowering drug prices.
- Creates millions of good-paying, long-lasting jobs by investing $370 billion to address climate change – by far the single biggest climate investment in U.S. history; it also includes over $60 billion for clean energy manufacturing in the United States across the full supply chain.
- Empowers Medicare to negotiate the price of prescription drugs; requires drug companies to pay Medicare rebates if they raise prices faster than the rate of inflation starting in October 2022; and creates a new out-of-pocket cap for Part D drug costs for Medicare beneficiaries of $2,000 a year, starting in 2025.
The Inflation Reduction Act is fully paid for:
- The biggest corporations and ultra-wealthy will pay their fair share by strengthening IRS enforcement against wealthy tax cheats, closing tax loopholes exploited by the wealthiest few, and implementing a 15% corporate minimum tax – which applies only to the 150 corporations making earning over $1 billion in profits that pay less than 15% in taxes.
- No new taxes on families making $400,000 or less and no new taxes on small businesses. Not one American in the middle-class filling out their taxes will find that they are facing higher taxes or higher tax rates.
“For generations, we have underinvested in our nation’s future – and it shows. The last few years have highlighted decades-old flaws in our supply chains, unfair inequities in our health care system, and shortsightedness in our national vision,” said Congressman Trone. “Today, we took a step forward to leave this old way of doing business in the past. Today, we began building a brighter future for everyone, no matter what corner of the country you live in. Today, we put people over politics. Today is a good day for the American people and our future generations.”
Congressman David Trone was elected to the House of Representatives in November 2018 to serve the 6th District of Maryland, which includes all or part of Montgomery, Frederick, Washington, Allegany, and Garrett Counties. Trone serves on the Appropriations, Veterans’ Affairs, and Joint Economic Committees. In Congress, Trone is fighting to make progress on issues that matter to Marylanders, including the mental health and addiction crises, criminal justice reform, and funding for medical research.
Follow Congressman Trone at @RepDavidTrone for updates on Twitter, Facebook, and Instagram.
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