Congressman Kweisi Mfume Votes in Favor of Historic Inflation Reduction Act

Strategic Insights -

Congressman Kweisi Mfume proudly voted in favor of the Inflation Reduction Act, a historic legislation focused on lowering the cost of health care, making large corporations pay their fair share in taxes, and tackling the climate crisis. The bill passed with a vote of 220 to 207, with no Republicans voting in favor. The Inflation Reduction Act will now go to President Biden's desk for his signature. Congressman Mfume emphasized the bill's importance, stating, "The Inflation Reduction Act is what Democrats are all about: lowering the cost of health care, standing up to the biggest corporations ripping off everyday Americans, and tackling the climate crisis with the fierce urgency of now."

Key Takeaways:

  • The Inflation Reduction Act lowers the cost of health care by allowing Medicare to negotiate the price of high-priced prescription drugs and capping Medicare recipient out-of-pocket prescription drug costs at $2,000.
  • The bill extends Affordable Care Act subsidies for three more years, locking in lower health care premiums that will save 153,000 Marylanders about $80 per month.
  • The act tackles the climate crisis with a $369 billion overall investment in clean energy, projected to reduce emissions by 40% by 2030.
  • The bill taxes the largest corporations by implementing a 15% corporate minimum tax that applies to the top 150 corporations earning over $1 billion in profits.
  • The act strengthens IRS enforcement against wealthy tax cheats and makes no new taxes on small businesses or families making $400,000 or less.

Statistics:

  • The Inflation Reduction Act invests $369 billion in clean energy, projected to reduce emissions by 40% by 2030.
  • The bill extends Affordable Care Act subsidies for three more years, benefiting 153,000 Marylanders who will save approximately $80 per month.
  • The act capping Medicare recipient out-of-pocket prescription drug costs at $2,000 affects 1 million Marylanders qualifying for Medicare.
  • The bill offers a tax credit of up to $7,500 for qualified 'clean' vehicles and boosts the tax credit for installing energy-efficient products at nonbusiness properties from 10% to 30%.

Sources:

  • United States House of Representatives
  • Congressman Kweisi Mfume (MD-07) WASHINGTON, DC
  • 126 leading economists (including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, two former Treasury Secretaries)