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Two Years Later, the Inflation Reduction Act Continues To Deliver for America in Record Amounts

FOR IMMEDIATE RELEASE: August 16, 2024
PRESS CONTACT: [email protected]

TWO YEARS LATER, THE INFLATION REDUCTION ACT CONTINUES TO DELIVER FOR AMERICA IN RECORD AMOUNTS

Biden-Harris Administration is working to implement the largest-ever investment in climate change mitigation, creating a fairer tax system, cutting costs for working families, and more

Washington, D.C. — Today, Building Back Together Executive Director Mayra Macías released the following statement marking the two-year anniversary of President Biden signing the Inflation Reduction Act into law.

“Just two years after the Inflation Reduction Act was signed into law, this historic legislation continues to lower costs, create a fairer tax system and combat the threat of climate change — all while creating good-paying union jobs for hardworking families. This law provides significant relief to middle-class families by enabling Medicare to negotiate prescription medication costs, including capping insulin and inhaler prices at $35 a month, as well as launching the free tax filing service Direct File and making historic investments in clean energy manufacturing.

“The Inflation Reduction Act’s investments in communities cannot be understated — reconnecting disadvantaged communities that were split by highways, helping cities transition to clean public transit, and spurring private investments in states and cities across the country in excess of $900 billion. Through implementing this legislation, the Biden-Harris Administration is giving hardworking families, communities, unions, businesses and nonprofits and the tools and opportunities they need to achieve the American Dream.

“Despite the popularity of the law’s investments to lower health care costs, fight climate change and create a fairer economy, every single Republican in Congress voted against it. Their attempts to claim credit for the positive impacts on the communities they represent show what we all know: the Inflation Reduction Act will have generational impact and the implementation of the law by the Biden-Harris Administration is generating an American manufacturing and infrastructure renaissance not seen in two generations. Building Back Together proudly celebrates this historic milestone, made possible by the tie-breaking vote cast by Vice President Harris, and the dedicated efforts of the Biden-Harris Administration, advocates, activists and Democrats in Congress.”

Thanks to provisions in the Inflation Reduction Act, the Biden-Harris Administration has helped:

  • 1.5 million people on Medicare save money on their prescription drugs
    • $2,000 yearly cap on out-of-pocket costs for Rx drugs
    • $35/month cap on insulin costs
    • Allowed Medicare to negotiate down the price of ten of the most prescribed drugs for Americans, with negotiated prices beginning this fall
    • Made recommended vaccines free for millions of Medicare enrollees
  • Millions of Americans save an average of $800 per year on health insurance premiums
  • The IRS to recover $1 billion from millionaires and billionaires who were delinquent on their taxes
  • Significantly improved the IRS’s customer service during tax filing season
    • Cut phone wait times to three minutes from 28 minutes, saving taxpayers 1.4 million hours on hold.
  • Create more than 300,000 new clean energy jobs
    • Thanks to the more than $361 billion in clean energy investments across 47 states and Puerto Rico.
  • Families save up to $2,000 per year on their energy costs
  • Communities receive $900 billion in private investment as manufacturing returns to America

For more information regarding the Inflation Reduction Act, see the White House’s Fact Sheet here.

In the two years since President Biden signed the Inflation Reduction Act, we’ve seen:

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