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.
- 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.