Media Contact:  Patrick Wright   --  Patrick.Wright@mail.house.gov

Washington, D.C. — Rep. Donald M. Payne, Jr. helped pass a major and historic bill today to lower inflation, lower prescription drug prices, lower carbon emissions to fight climate change, and establish a minimum tax for billion-dollar corporations.     

The bill, the Inflation Reduction Act (H.R. 5376), requires Medicare to negotiate the price of the 10 most expensive medications to reduce the cost for Americans and limits out-of-pocket costs for insulin to $35 to help Medicare beneficiaries with diabetics.  It creates a 15 percent minimum tax on corporations with profits greater than $1 billion and includes $78 million for the IRS to enforce tax compliance.  In addition, investments from the bill are projected to lower greenhouse gas emissions by 40 percent in eight years and lower the deficit by about $300 billion.        

“I am proud to vote for the Inflation Reduction Act because it will clean the environment, create new jobs in energy technology, make sure corporations pay their fair share in taxes, and significantly reduce the prices of life-saving medications for millions of Americans,” said Rep. Donald M. Payne, Jr.  “But I am extremely disappointed that the majority of Senate Republicans rejected a provision that would allow American diabetics with private insurance to benefit from a $35 cap on insulin payments.  As a diabetic and insulin user, I understand that diabetics need this medication to stay alive.  Compared to Canada and European countries, American companies have been overcharging for insulin and profiting off the backs of diabetics for years.  It forces too many diabetics to choose between food or medicine.  No American should have to make that choice.  However, this is a good bill and I voted for it because it will provide numerous benefits to American families and the economy.”   

Other provisions in the bill include:

• $2,000 annual cap on out-of-pocket prescription drug costs for Medicare beneficiaries.
• $300 billion for clean energy projects, mostly through investments in businesses that are doing research, development and production.
• $60 billion in dedicated funding for investments in disadvantaged communities.
• $60 billion for renewable energy infrastructure and manufacturing.
• $10 billion investment to build clean technology manufacturing facilities.
• $30 billion in grants and loans to help states and electric utilities transition to clean technology.
• $27 billion to accelerate to support deployment of technologies to reduce emissions, especially in disadvantaged communities.

“I am pleased that my colleagues support this important legislation and I look forward to President Biden signing it into law to help the American people,” said Rep. Donald M. Payne, Jr.

Original source can be found here.