Inflation Reduction Act: A Win for Workers!
More union jobs. More revenue by taxing the rich without raising taxes on working families. Lower healthcare costs. Fighting climate change.
JOB CREATION
The bill will add 1.5 million new jobs by 2025 with major investments in our communities and infrastructure.[1]
- Manufacturing reinvestment in energy and automotive and Made-in-America clean products
- Upgrades to energy and grid infrastructure to support new energy projects
LOWERING HEALTHCARE COSTS
- With prescription drug makers getting rich off of out-of-control drug prices, the new legislation will work to bring down healthcare costs, particularly prescription drug costs
- Allow for Medicare to negotiate lower drug prices for seniors and people with disabilities. Caps increases in prescription drug prices for Medicare recipients to the rate of inflation, putting a much-needed limit on how much manufacturers can raise costs
TAXING THE ULTRA-RICH WITHOUT RAISING TAXES FOR WORKING FAMILIES
While we've been struggling with inflation and rising costs in nearly all aspects of life, American companies have seen massive profits - their biggest profit margins, in fact, since 1950.[2] This bill will help us fight back.
- 15% minimum corporate tax on corporations with profits over $1 billion – expected to raise $222 billion for our economy.[3]
- 1% tax on corporate stock buybacks (which corporate executives use to line their own pockets at the expense of workers).
- No families making less than $400,000 per year will see their taxes raised.
[1] https://laborenergy.org/fact-sheets/lep-analysis-of-the-inflation-reduction-act-key-findings-on-jobsinflation-and-gdp/
[2] https://fortune.com/2022/08/25/us-corporate-profit-margins-second-quarter-widest-since-1950
[3] Congressional Budget Office