Today, Congressman Sanford D. Bishop, Jr. (GA-02) supported historic legislation that would put money back into the pockets of hardworking Georgia families while at the same time reduce the federal budget deficit by $300 billion to fight inflation.
“The Inflation Reduction Act puts people over politics, lowers costs, creates good-paying jobs, and builds safer communities for all Americans,” said Congressman Bishop. “This bill will lower prescription drug costs, as well as keep health insurance premium costs low. It supports energy policies that address climate change, create jobs, and give America more energy options right in our backyard. That will lower utility bill costs and prices at the gas pump.”
The Inflation Reduction Act (H.R. 5376) would:
- Lower prescription drug prices by empowering Medicare to negotiate the price of prescription drugs, establishing a $35 cap on insulin for those in Medicare, preventing excessive price hikes, and capping seniors’ out-of-pocket drug costs at $2,000.
- Lower health care premium costs by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
- Save Georgia families an average of $1000 per year on their energy bills.
- Provide resources to the Internal Revenue Service to improve services for taxpayers.
- Implement a 15 percent corporate minimum tax on billion-dollar companies and a 1 percent tax on corporate stock buybacks, and make the wealthy pay their fair share while ensuring that no small business or family making $400,000 or less will see their taxes go up.
Congressman Bishop noted, “This bill also improves tax services for Americans and reduces the federal deficit. While our country and the IRS’s responsibilities have grown, the IRS has fewer front-line, experienced examiners in the field than at any time since World War II, and fewer employees than at any time since the 1970s. Because the IRS is understaffed, American taxpayers have less assistance and longer waits for refunds. It also means that the IRS does not have the manpower to collect taxes owed by large corporations, costing hard-working and honest Americans and our country billions of dollars.”
Original source can be found here.
