Inflation Reduction Act of 2022
- Expands Medicare benefits: free vaccines (2023), $35/month insulin (2023) and caps out-of-pocket drug
costs to an estimated $4,000 or less in 2024 and settling at $2,000 in 2025 - Lowers energy bills: cuts energy bills by $500 to $1,000 per year
- Makes historic climate investment: reduces carbon emissions by roughly 40% by 2030
- Lowers health care costs: saves the average enrollee $800/year in the ACA marketplace, allows Medicare
to negotiate 100 drugs over the next decade, and requires drug companies to rebate back price increases
higher than inflation - Creates manufacturing jobs: more than $60 billion invested will create millions of new domestic clean
manufacturing jobs - Invests in disadvantaged communities: cleaning up pollution and taking steps to reducing environmental
injustice with $60 billion for environmental justice - Closes tax loopholes used by wealthy: a 15% corporate minimum tax, a 1% fee on stock buybacks and
enhanced IRS enforcement - Protects families and small business making $400,000 or less
- No More Lead Pipes
- High-Speed Internet Access
- Better Roads and Bridges
- Investments in Public Transit
- Upgrade Airports and Ports
- Investment in Passenger Rail
- Network of Electric Vehicle Chargers
- Upgrade Power Infrastructure
- Resilient Infrastructure
- Investment in Environmental Remediation
CHIPS for America Act & FABS Act
- designed to stop relying on China and India for technology production
- semiconductor manufacturing grants
- research investments
- investment tax credit for chip manufacturing
- supports enactment of an investment tax credit for semiconductor design