Senate Passage of the Inflation Reduction Act Improves Working People’s Lives
From CWA National:
CWA applauds the passage of the Inflation Reduction Act (IRA) by the Senate on Monday. The legislation will improve working people’s lives by lowering the cost of prescription drugs for seniors on Medicare and cap their out-of-pocket expenses for medication. The IRA will extend the Affordable Care Act health insurance subsidies to prevent millions of Americans from seeing substantial increases in health insurance costs. It also invests in our green energy future, creating hundreds of thousands of good, green manufacturing and construction jobs that will lower energy costs and help save our climate.
The Inflation Reduction Act begins to bring more balance to our tax code through a 15% minimum tax on large corporations to ensure that instead of gaming the system to boost profits, they will pay their fair share. It also establishes a one percent tax on stock buybacks, which corporations use to inflate the profits of wealthy shareholders instead of investing in their products and their workers.
These changes are welcome and long overdue, and are only possible because of the persistence of pro-worker legislators and activists, including CWA members, who have been mobilizing to build power and make progress despite the bureaucratic roadblocks.