Washington, D.C. – Congresswoman Marilyn Strickland (WA-10), a founding member of the New Democrat Coalition’s Inflation Working Group, voted today to pass the Inflation Reduction Act. The bill lowers costs for South Sound families, combats the climate crisis, reduces the deficit, and ensures that the largest corporations pay their fair share in taxes.
“Across the South Sound, families have struggled to put food on the table, fill up their gas tank, and make payments for basic living expenses due to rising costs,” said Strickland. “The Inflation Reduction Act lowers costs across the board, from prescription drugs to transit to the climate crisis and much more. I look forward to this bill becoming law and providing needed relief for South Sound families. ”
The Inflation Reduction Act will:
- Lower energy costs by hundreds of dollars per year for families.
- Lower prescription drug costs and caps Medicare beneficiaries’ yearly out-of-pocket expenses at $2,000.
- Save Americans an average of about $800 per year on their health care premiums.
- Empower the Department of Health and Human Services to negotiate prescription drug prices for high-priced drugs in Medicare.
- Require drug manufacturers to pay a rebate to Medicare if they increase their prices faster than the rate of inflation.
- Provide $3 billion for the Neighborhood Access and Equity Grant Program, an effort Rep. Strickland helped lead to better support disadvantaged communities.
- Improve access to vaccines and biosimilars and increase support for low-income beneficiaries.
- Offer a tax credit of up to $7,500 for qualified electric vehicles.
- Create 9 million jobs by investing in clean energy, energy efficiency, and clean manufacturing.
- Boost the tax credit for installing energy-efficient products.
- Support a fairer tax code by holding large corporations and the uber-wealthy accountable to pay their share.
- Fight inflation through deficit reduction.
According to 126 leading economists – including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, and two former Treasury Secretaries – the Inflation Reduction Act “will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth. You can read the full text of the bill here.
U.S. Representative Marilyn Strickland serves on the House Transportation and Infrastructure Committee and is the only African-American woman who serves on the House Armed Services Committee. She is a member of the New Democrat Coalition, is one of the first Korean-American women elected to Congress, and is the first African-American elected to represent the Pacific Northwest at the federal level.
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