We just made history! President Biden has signed the Inflation Reduction Act into law.
The Inflation Reduction Act will help Oregonians in many ways.
We're reducing the cost of prescription drugs for those on Medicare. Seniors have been paying exorbitant out-of-pocket costs on prescription drugs; we're capping those costs at $2,000 a year starting in 2025.
We're empowering Medicare to negotiate drug prices.For too long, Medicare has been unable to use its purchasing power to reduce prescription drug costs. And starting next year, pharmaceutical companies will have to pay rebates if their drug prices rise faster than current inflation rates.
We're also capping the cost of insulin at $35/month for seniors on Medicare. We hoped to get this done for Americans on private insurance as well, but Republican lawmakers blocked it. I promise to stay in this fight.
Want to transition to clean energy without breaking the bank? This new bill is for YOU!
The Inflation Reduction Act offers tax credits of up to $7,500 to purchase an electric vehicle and $4,000 to buy a used electric vehicle. The bill also provides rebates for efficient heat pumps, electric water heaters, electric stoves, and a 30 percent credit to install solar panels on your home.
Empowering Americans to transition to clean energy sources will create homegrown jobs, lower energy costs for families, and reduce carbon pollution. And we'll be fighting climate change every step of the way.
There is a lot to celebrate with this new law. And together, we'll continue the fight to expand these common-sense policies even further.
Thank you for standing with me,
Suzanne
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