Tell Congress to Pass the Inflation Reduction Act to Address Corporate Taxes, Drug Costs, and the Environment

From the Coalition on Human Needs (http://www.chn.org):

The Senate is expected to vote this week on a tax and investment plan that taxes large profitable corporations, reins in Big Pharma’s price gouging, lowers carbon emissions, and provides billions of dollars to keep health care affordable for millions of Americans.

These provisions will help to make our economy more fair, build up underserved communities, and help us tackle the climate crisis. Senate Majority Leader Schumer and Senator Manchin came together to negotiate provisions on three critical issues:

• A 15% corporate profits minimum tax so wealthy corporations don’t get away with paying $0 in federal income taxes on billions of dollars in profits. It’s estimated that this tax will raise about $450 billion dollars.
• Extending the Affordable Care Act subsidies and allowing Medicare to negotiate prices for some drugs, penalizing drug companies that raise prices faster than the rate of inflation, and placing a cap on Medicare recipients’ out-of-pocket prescription drug costs at $2,000 each year. It’s estimated that the government will raise $300 billion by reining in drug prices.
• Invest $370 billion into energy and climate which would allow the U.S. to lower greenhouse gas emissions by 40%, an incredibly meaningful step in combating climate change.

This legislation will be a major win for affordable health care, the climate, and tax fairness. But it’s not a done deal until it reaches President Biden’s desk.

Go to https://actionnetwork.org/letters/write-to-your-members-of-congress-tell-them-to-pass-the-inflation-reduction-act-of-2022-to-invest-in-affordable-health-care-and-address-the-climate-crisis to tell Congress to pass the Inflation Reduction Act of 2022 and invest in our communities.

If Congress doesn’t act quickly, millions of Americans will see their health insurance premiums skyrocket in the new year, with insurance companies announcing those rate increases in October. We know that if this legislation doesn’t pass, the effects will be felt the most by low- and moderate-income and BIPOC communities, who are already hurting due to rising costs. More than 3 million people would be expected to find the increase just too steep, and will become uninsured as a result. Individuals with incomes between $20,000 – $54,000 would see annual premium increases of about $1,000. The Inflation Reduction Act will prevent that.

For more than a year, we’ve been fighting for vital investments in our communities. This bill is far from all that is needed. But it will make real and important improvements in people’s lives. It’s imperative that Congress pass this legislation and get it to President Biden’s desk immediately. The margins in the Senate and House are slim―that’s why your letters are so important.

Help us get this legislation across the finish line! Click here to write to your members of Congress, telling them to invest in our communities.