Rep. Chu Votes to Pass Historic Inflation Reduction Act

Washington, D.C.— Today, the United States House of Representatives passed the historic Inflation Reduction Act, which, when signed into law by President Biden, will lower health care costs, lower energy and utility costs, combat the climate crisis, and ensure billionaire corporations are paying their fair share in taxes.

"I was so excited to cast my vote in support of this bill, marking a significant step forward in delivering for the American people. From lowering prescription drug costs to cutting utility costs to creating millions of good paying jobs, we are reaffirming our commitment to fighting inflation and bringing costs down for working Americans," said Rep. Judy Chu. "Additionally, this bill marks the largest investment in addressing climate change in the history of our nation — which is going to make a huge difference in my home state of California as we face an unprecedented rise in threats like wildfires, drought and diminishing water sources. Today is an incredible day for our families, workers, seniors, small businesses, the environment and our entire nation, and I look forward to President Biden signing this landmark legislation into law."

Key provisions Rep. Chu fought for in the Inflation Reduction Act:

Health Care

• Extend the Affordable Care Act (ACA) enhanced subsidies through 2025 — ensuring Americans who receive health insurance through the ACA exchanges pay no more than 8.5-percent of their income on premiums
• Direct the Department of Health and Human Services (HHS) to negotiate drug prices for Medicare, beginning with the 10 highest-cost drugs in the program in 2026 and rising to the 20 high-costing drugs by 2029 and thereafter
• Cap Medicaid Part D costs at $2,000 annually
• Cap insulin costs at $35 per month for Medicaid beneficiaries

Energy and Climate

• 10 years of consumer tax credits for home energy efficiency
• Extend tax credits for new and used clean vehicles
• Expand and extend production and investment tax credits for renewables, energy storage, and critical minerals
• Provide over $60 billion for environmental justice priorities across the country
• Reduce U.S. emissions by an estimated 40-percent by 2023

Tax Fairness

• Invest $80 billion in the Internal Revenue Service (IRS) to upgrade outdated technology, work through the backlog, rebuild its workforce and close the tax gap
• Establish a new 15-percent corporate minimum tax applying to the 150 corporations which annually earn $1 billion, yet pay less than 15-percent in taxes

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