WASHINGTON —Today, U.S. Sens. Mark R. Warner and Tim Kaine released the following statement regarding the Inflation Reduction Act of 2022, legislation that is expected to pass through the Senate’s budget reconciliation process next week:
“Lowering costs, expanding access to high-quality health care, and addressing climate change are priorities we’ve heard about from Virginians in every region of the Commonwealth. We look forward to voting on the Inflation Reduction Act so we can take meaningful steps toward those goals. We will continue to look for other opportunities to lower costs, like child care expenses, for Virginia families.”
The Inflation Reduction Act of 2022 will fight inflation, reduce the deficit, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will lower health care costs by finally allowing Medicare to negotiate prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025. The legislation will require the largest corporations and wealthiest Americans to pay their fair share in taxes. There are no new taxes in this bill on families making $400,000 or less and no new taxes on small businesses.
A summary of the legislation is available here.