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SAN BERNARDINO, CA —Rep. Pete Aguilar joined local seniors to highlight the passage of the historic Inflation Reduction Act, which will lower the price of prescription drugs and cap out-of-pocket costs for Medicare beneficiaries. He wasjoined by representatives of the AARP California, SEIU Local 2015 and the California Alliance for Retired Americans.
“After decades of fighting, Congress finally passed a bill to lower the costs of prescription drugs for millions of seniors across the country,” Rep. Aguilar said.
In addition to cutting the costs of prescription drugs, the Inflation Reduction Act will invest $369 billion in clean energy tax credits to address the climate crisis and reduce carbon emissions by 40 percent by 2030. The Inflation Reduction Act also contributes $300 billion towards paying down the national debt, which economists say will help cool inflation.
The bill is fully paid for by closing tax loopholes, 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.
President Biden is expected to sign the Inflation Reduction Act into law this week.
