Today, President Joe Biden signed the Inflation Reduction Act into law. The new law will help to reduce inflation and lower costs for South Carolina families – and does not raise taxes on anyone making less than $400,000 a year.
“President Biden and Democrats are laser focused on taking on special interests to fight inflation, and the Inflation Reduction Act is going to do just that – lowering costs on everything from prescription drugs to health care to home energy for South Carolina families. While Republicans like Lindsey Graham and Tim Scott sided with Big Pharma and voted against these cost cutting measures, and blocked others that would cap insulin costs, Democrats are tackling Americans’ top concerns – and we’re doing it by making huge corporations pay their fair share and without raising taxes on anyone making under $400,000,” said South Carolina Democratic Party Chair Trav Robertson, Jr.
Specifically, the Inflation Reduction Act:
- Lowers prescription drug costs by allowing Medicare to negotiate drug prices and capping out-of-pocket costs for seniors to $2,000.
- Lowers energy costs by hundreds of dollars on average for many families, increases cleaner energy production, and reduces carbon emissions by roughly 40 percent in less than 10 years.
- Locks in lower health insurance costs by $800 on average for 13 million Americans who get their insurance through the Affordable Care Act exchanges.
- Fights inflation by reducing the deficit.
- Makes the tax code fairer by cracking down on the ultra-wealthy and large corporations, so they pay their fair share in taxes.
- Does not raise taxes on families making $400,000 or less and no new taxes on small businesses.
