MDP Applauds Senator Tester’s Work on Passing Historic Inflation Reduction Act

Helena, MT – Today, President Joe Biden signed the Inflation Reduction Act into law. The new law will help pay down our national debt by hundreds of billions of dollars according the the Congressional Budget Office, lower costs for Montana families, cut prescription drug prices, and unleash American energy while decreasing our reliance on foreign adversaries like Russia to power our country – and does all of this without raising taxes for working Montanans.

“The Democrats are laser focused on taking on special interests to lower costs for working families, and the Inflation Reduction Act is going to do just that. Montana Democrats are tackling working families’ top concerns – and we’re doing it by making huge corporations pay their fair share and without raising taxes on Montana workers,” said Sheila Hogan, executive director of the Montana Democratic Party. “This is a perfect illustration of the differing priorities of the Montana Democrats and Montana Republicans: Senator Tester voted to cut prescription drug costs and hold corporations accountable, while Senator Daines and Representative Rosendale sided with Big Pharma and voted no.”  

Specifically, the Inflation Reduction Act:

• Lowers prescription drug costs by allowing Medicare to negotiate drug prices and capping out-of-pocket costs for seniors to $2,000.

• Lowers energy costs by hundreds of dollars on average for many families, increases cleaner energy production, and helps reduce carbon emissions by roughly 40 percent in less than 10 years.

• Locks in lower health insurance cost– $800 on average– for 13 million Americans who get their insurance through the Affordable Care Act exchanges.

• Fights inflation by reducing the national debt.

• Makes the tax code fairer by cracking down on the ultra-wealthy and large corporations so they pay their fair share in taxes.

• Does not raise taxes on families making $400,000 or less.

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