WASHINGTON, DC—Congressman Paul D. Tonko today voted to pass the Inflation Reduction Act, transformational legislation that delivers on Democrats’ promise to fight inflation and cut costs for consumers all while taking the most aggressive action in history to combat the crisis of climate change and drive clean energy advancements.
As Chair of the Subcommittee on Environment and Climate Change, Tonko authored many of the climate provisions in this legislation, including provisions that provide rebates for electrifying low- and moderate-income homes and empowering development in offshore wind by removing a Trump-era ban on offshore wind leasing in the Southeast coast of the United States.
“Today we took a major step forward in the push to address our climate crisis,” Congressman Tonko said. “Our Inflation Reduction Act delivers unmatched investments in clean energy and emerging technologies like offshore wind, advances environmental justice, creates good-paying clean jobs, slashes pollution, and so much more. In addition to helping us achieve our climate goals, this transformational legislation will lower costs for consumers, including by capping skyrocketing prescription drug costs for Medicare beneficiaries, combating inflation, and closing tax loopholes to finally make corporations pay their fair share without raising taxes a dime for the middle and lower class. At a time when Americans needed it most, Democrats took bold action to address our nation’s most pressing challenges. I look forward to the President signing this bill into law and bringing needed relief to our communities while building a better future for us all.”
The Inflation Reduction Act:
- Invests $370 billion over 10 years to tackle the climate crisis and reduces carbon emissions by an estimated 40 percent by 2030
- Secures tax credits for electric vehicles (EV), to make homes more energy efficient, to accelerate manufacture of clean energy technologies, and to reduce emissions
- Delivers more than $60 billion to advance environmental justice priorities and support community-led projects in disadvantaged communities
- Creates clean, good-paying, union jobs and sets the U.S. up for success competing in the global clean energy economy
- Caps seniors’ out of pocket spending for prescription drugs at $2000 per year.
- Caps Insulin costs at $35 a month for seniors and individuals with disabilities on Medicare
- Lowers premiums under the Affordable Care Act for 13 million Americans
- Is fully paid for by establishing a minimum corporate tax so that our richest corporations start to pay their fair share. It does not raise taxes on those making under $400,000 a year— not one cent.
A fact sheet of the climate investments included in the Inflation Reduction Act can be viewed HERE.