On August 16, Rep. Aguilar highlighted the health care savings for his constituents as a result of the Inflation Reduction Act. The legislation, signed into law one year ago, capped the cost of insulin at $35/month for Medicare patients. In California’s 33rd Congressional District, 1,300 beneficiaries, who rely on insulin to manage their diabetes, are saving on average $320 annually.
The Inflation Reduction Act also extended Affordable Care Act (ACA) subsidies for three more years. An estimated 24,000 of Rep. Aguilar’s constituents are enrolled in ACA marketplace health insurance coverage and are projected to save more than $1,000 on health care costs this year.
“The Inflation Reduction Act has lowered the cost of insulin and made health insurance more affordable,” said Rep. Aguilar. “I was proud to help pass this important legislation that is helping seniors save more in their retirement and Inland Empire families stretch their budgets a little bit further. This anniversary serves as a testament to what we can achieve when lawmakers work together to put people over politics.”
The roughly $750 billion legislation has already transformed the nation’s energy infrastructure. All together, House Democrats and the Biden-Harris Administration will invest $369 billion in clean energy tax credits to address the climate crisis and reduce carbon emissions by 40 percent by 2030. The bill provides ten years of consumer tax credits so families can lower energy costs, creates home energy rebate programs, and invests $1 billion to make affordable housing units across the country more energy efficient.
The Inflation Reduction Act is paid for by closing tax loopholes to ensure tax fairness, increasing tax compliance for the wealthiest individuals, implementing an excise tax on stock buybacks, and creating a 15 percent corporate minimum tax. The Inflation Reduction Act creates no new taxes on families making less than $400,000 per year or any small businesses.