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    • Erie County Democratic Party
      • Erie County Democratic Party Officers – 2022-2026
        • Amy F. Grubbe, Chairwoman
        • Robert Ritzler, Vice-Chairman
        • Linda Miller-Moore, Secretary
        • MaryAnn Groot, Treasurer
      • Central Committee Members – 2022-2026
      • Executive Committee Members – 2022-2026
        • Responsibilities of Central and Executive Committee Members
      • ECDP Constitution and Bylaws
    • Democratic Women of Erie County
      • Ohio Democratic Women’s Caucus (ODWC)
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      • History: The Democratic Party
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  • ELECTED OFFICIALS
    • President Joe Biden and Vice President Kamala Harris
    • U.S. Senator Sherrod Brown
    • U.S. Representative Marcy Kaptur – Ohio’s 9th Congressional District
    • State Senate – Democratic Minority Leadership – 135th General Assembly
    • State House – Democratic Minority Leadership – 135th General Assembly
    • Erie County Democratic Officeholders
      • Erie County Prosecuting Attorney Kevin J. Baxter
      • Erie County Engineer John ‘Jack’ D. Farschman, P.E., P.S.
      • Erie County Recorder Ellen M. Olsen
      • Erie County Sheriff Paul A. Sigsworth
      • Erie County Clerk of Courts Luvada S. Wilson
    • Teresa Fedor – Ohio State Board of Education-2nd District
    • Ohio Supreme Court Justices
      • Ohio Supreme Court Justice Michael P. Donnelly
      • Ohio Supreme Court Justice Melody J. Stewart
      • Ohio Supreme Court Justice Jennifer Brunner
    • Ohio Sixth District Court of Appeals Judges
      • Judge Thomas J. Osowik
      • Judge Myron C. Duhart
    • Erie County Common Pleas Court
      • Judge Tygh M. Tone – General Division
      • Judge Beverly K. McGookey – General Division/Probate
    • Municipal Court Judges
      • Judge Erich J. O’Brien
      • Judge W. Zack Dolyk
    • ODP State Committee Members
      • Margaret M. Murray – ODP State Central Committee Woman-2nd Senate District
      • Tom Galloway – ODP State Central Committee Man-2nd Senate District
  • CANDIDATES
    • Interested in becoming a candidate?
      • What is involved? What are the requirements to be a candidate?
      • Main Street Initiative & LEAD Ohio Trainings Announced: Run For Office 2023
    • Congratulations Candidates!
    • Thank You Candidates!
    • IMPORTANT: Ohio Redistricting = Erie County new lines and districts
  • NEWS
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    • Redistricting Ohio
    • SFC Heath Robinson PACT Act
    • Inflation Reduction Act of 2022 = Historic Legislation
      • The American Jobs Plan
      • The American Families Plan
    • The American Rescue Plan Act of 2021
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    • Are you ready to vote in 2023?
    • ECDP Executive Committee
      • ECDP HQ
    • Democratic Women of Erie County
    • The Sandusky Democratic Club
    • Main Street Initiative: So, You want to Run? Running for Office 101
    • Main Street Initiative: So, You’re starting your campaign? Running for Office 201
    • Main Street Initiative: Campaign Management Bootcamp – Running for Office 301
    • LEAD Ohio - Candidates and Campaign Staff Trainings
    • Voter Registration Drives
    • Erie County Parades, Festivals and Fair
  • CONTACT US
  • LINKS

Inflation Reduction Act of 2022 = Historic Legislation

The Inflation Reduction Act will lower costs for families, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share. President Biden and Congressional Democrats have worked together to deliver a historic legislative achievement that defeats special interests, delivers for American families, and grows the economy from the bottom up and middle out. The Inflation Reduction Act combines President Joe Biden’s ‘Build Back Better’ agenda – American Jobs Plan and the American Families plan. Not a single Republican U.S. Representative or U.S. Senator voted for the Inflation Reduction Act of 2022. Once again, President Biden and Democrats come through for all Americans!

Here’s how the Inflation Reduction Act impacts Americans by the numbers:

HEALTH CARE

Cutting Prescription Drug Cost

  • Today, Americans pay two to three times what citizens of other countries pay for prescription drugs
  • 5-7 million Medicare beneficiaries could see their prescription drug costs go down because of the provision allowing Medicare to negotiate prescription drug costs.
  • 50 million Americans with Medicare Part D will have the peace of mind knowing their costs at the pharmacy are capped at $2,000 per year, directly benefiting about 1.4 million beneficiaries each year.
  • 3.3 million Medicare beneficiaries with diabetes will benefit from a guarantee that their insulin costs are capped at $35 for a month’s supply.

Lowering Health Care Costs

  • 13 million Americans will continue to save an average of $800 per year on health insurance premiums
  • 3 million more Americans will have health insurance than without the law.
  • The uninsured rate is at an all-time low of 8%, which the historic law will build on.

Defeating Special Interests

  • $187 million: The amount the Pharmaceutical industry has spent on lobbying in 2022.
  • 1,600: number of lobbyists the pharmaceutical companies had in 2021 – three times the number of Members of Congress
  • 33 years: the amount of time Congressional Democrats have been trying to lower prescription drug costs by allowing Medicare to negotiate drug prices.
  • 19 years: number of years Medicare has been blocked from negotiating prescription drug costs

CLEAN ENERGY

Lowering Energy Costs

  • Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.
  • $14,000 in direct consumer rebates for families to buy heat pumps or other energy efficient home appliances, saving families at least $350 per year.
  • 7.5 million more families will be able install solar on their roofs with a 30% tax credit, saving families $9,000 over the life of the system or at least $300 per year.
  • Up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles, helping families save $950 per year.
  • Putting America on track to meet President Biden’s climate goals, which will save every family an average of $500 per year on their energy costs.

Building a Clean Energy Economy

  • Power homes, businesses, and communities with much more clean energy by 2030, including:
    • 950 million solar panels
    • 120,000 wind turbines
    • 2,300 grid-scale battery plants
  • Advance cost-saving clean energy projects at rural electric cooperatives serving 42 million people.
  • Strengthen climate resilience and protect nearly 2 million acres of national forests.
  • Creating millions of good-paying jobs making clean energy in America.

Reducing Harmful Pollution

  • Reduce greenhouse gas emissions by about 1 gigaton in 2030, or a billion metric tons – 10 times more climate impact than any other single piece of legislation ever enacted.
  • Deploy clean energy and reduce particle pollution from fossil fuels to avoid up to 3,900 premature deaths and up to 100,000 asthma attacks annually by 2030.

TAXES

Making the Tax Code Fairer

  • $0: how much some of largest, profitable corporations pay in federal income tax.
  • 55: the number of America’s largest, wealthiest corporations that got away without paying a cent in federal income taxes in 2020.
  • $160 billon: how much the top 1 percent of earners is estimated to evade each year in taxes.
  • 15%: the minimum tax on corporate profits the Inflation Reduction Act imposes on the largest, most profitable corporations.
  • $124 billion: savings over 10 years the Inflation Reduction Act will generate from collecting taxes already owed by wealthy people and large corporations, according to the Congressional Budget Office.
  • And no family making less than $400,000 will see their taxes go up a penny.

Reducing the Deficit

  • The Inflation Act will achieve hundreds of billions in deficit reduction.
  • The deficit is projected to fall by more than $1.5 trillion this year after falling by more than $350 billion last year.
  • 126 leading economists – including 7 Nobel Laureates, 2 former Treasury Secretaries, 2 former Fed Vice Chairs and 2 former CEA Chairs – have said reducing the deficit will help fight inflation and support strong, stable economic growth.

 

FACT SHEETS: Inflation Reduction Act of 2022

FACT SHEET: How the Inflation Reduction Act Helps Black Communities | 8.16.2022

FACT SHEET: How the Inflation Reduction Act Builds a Better Future for Young Americans | 8.16.2022

STATE FACT SHEETS: How the Inflation Reduction Act Lowers Energy Costs, Creates Jobs, and Tackles Climate Change Across America | 8.17.2022

FACT SHEET: How the Inflation Reduction Act Helps Rural Communities | 8.17.2022

FACT SHEET: Inflation Reduction Act Advances Environmental Justice | 8.17.2022

STATE FACT SHEETS: How the Inflation Reduction Act Lowers Health Care Costs Across America | 8.18.2022

FACT SHEET: How the Inflation Reduction Act Helps Tribal Communities | 8.18.2022

FACT SHEET: The Inflation Reduction Act Supports Workers and Families | 8.19.2022

FACT SHEET: How the Inflation Reduction Act Helps Asian American, Native Hawaiian, and Pacific Islander Communities | 8.19.2022

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Pages

MENUMENU
  • HOME
  • WHO WE ARE
    • Erie County Democratic Party
      • Erie County Democratic Party Officers – 2022-2026
        • Amy F. Grubbe, Chairwoman
        • Robert Ritzler, Vice-Chairman
        • Linda Miller-Moore, Secretary
        • MaryAnn Groot, Treasurer
      • Central Committee Members – 2022-2026
      • Executive Committee Members – 2022-2026
        • Responsibilities of Central and Executive Committee Members
      • ECDP Constitution and Bylaws
    • Democratic Women of Erie County
      • Ohio Democratic Women’s Caucus (ODWC)
    • Erie County Democratic Party Friends
    • Democratic National Committee (DNC)
    • Ohio Democratic Party (ODP)
    • History * Fun Facts * Trivia
      • History: The Democratic Party
      • Ohio History & Trivia
      • How bills become laws in Ohio
      • Kids Fun Facts, Guides & Links to the U.S. Government
    • OPPORTUNITIES TO MAKE CHANGE!
  • ELECTED OFFICIALS
    • President Joe Biden and Vice President Kamala Harris
    • U.S. Senator Sherrod Brown
    • U.S. Representative Marcy Kaptur – Ohio’s 9th Congressional District
    • State Senate – Democratic Minority Leadership – 135th General Assembly
    • State House – Democratic Minority Leadership – 135th General Assembly
    • Erie County Democratic Officeholders
      • Erie County Prosecuting Attorney Kevin J. Baxter
      • Erie County Engineer John ‘Jack’ D. Farschman, P.E., P.S.
      • Erie County Recorder Ellen M. Olsen
      • Erie County Sheriff Paul A. Sigsworth
      • Erie County Clerk of Courts Luvada S. Wilson
    • Teresa Fedor – Ohio State Board of Education-2nd District
    • Ohio Supreme Court Justices
      • Ohio Supreme Court Justice Michael P. Donnelly
      • Ohio Supreme Court Justice Melody J. Stewart
      • Ohio Supreme Court Justice Jennifer Brunner
    • Ohio Sixth District Court of Appeals Judges
      • Judge Thomas J. Osowik
      • Judge Myron C. Duhart
    • Erie County Common Pleas Court
      • Judge Tygh M. Tone – General Division
      • Judge Beverly K. McGookey – General Division/Probate
    • Municipal Court Judges
      • Judge Erich J. O’Brien
      • Judge W. Zack Dolyk
    • ODP State Committee Members
      • Margaret M. Murray – ODP State Central Committee Woman-2nd Senate District
      • Tom Galloway – ODP State Central Committee Man-2nd Senate District
  • CANDIDATES
    • Interested in becoming a candidate?
      • What is involved? What are the requirements to be a candidate?
      • Main Street Initiative & LEAD Ohio Trainings Announced: Run For Office 2023
    • Congratulations Candidates!
    • Thank You Candidates!
    • IMPORTANT: Ohio Redistricting = Erie County new lines and districts
  • NEWS
  • ISSUES
    • Redistricting Ohio
    • SFC Heath Robinson PACT Act
    • Inflation Reduction Act of 2022 = Historic Legislation
      • The American Jobs Plan
      • The American Families Plan
    • The American Rescue Plan Act of 2021
    • Know the petition process!
      • Know your ballot issues!
      • Ohio Ballot Board Members
    • Affordable Care Act
    • Ohio Legislature: Workers’ and Unions’ Issues
    • U.S. Supreme Court
      • Test your knowledge!
      • History of SCOTUS
      • SCOTUS 2022-2023 cases to be heard
  • ACTION ITEMS
  • EVENTS
    • Are you ready to vote in 2023?
    • ECDP Executive Committee
      • ECDP HQ
    • Democratic Women of Erie County
    • The Sandusky Democratic Club
    • Main Street Initiative: So, You want to Run? Running for Office 101
    • Main Street Initiative: So, You’re starting your campaign? Running for Office 201
    • Main Street Initiative: Campaign Management Bootcamp – Running for Office 301
    • LEAD Ohio - Candidates and Campaign Staff Trainings
    • Voter Registration Drives
    • Erie County Parades, Festivals and Fair
  • CONTACT US
  • LINKS
Donate Now

© 2023 Erie County Democratic Party, All Rights Reserved

Paid for and authorized by the Erie County Democratic Party, Amy F. Grubbe, Chairman

P.O. Box 135, Sandusky, OH 44871-0135.

Not authorized by any Federal, state or county candidate or campaign committee.