St. Helena – Today, Rep. Mike Thompson (CA-04) celebrated the one-year anniversary of the Inflation Reduction Act, landmark legislation which continues to deliver for families in California’s Fourth District. Over the last twelve months, the investments in the Inflation Reduction Act have lowered costs for while creating new jobs, combating climate change, and reducing the deficit.
“One year ago, President Biden signed the Inflation Reduction Act into law, marking a pivotal moment in our history where we are investing in the middle class, taking on the climate crisis, and lowering costs for every American,” said Thompson. “The historic investment in our country is creating good paying jobs, cracking down on tax cheats, accelerating our transition to clean energy, and securing a bright future for our nation.
“One year in, it’s clear that this law is going to continue to deliver for the American people. As we see the impact of the Inflation Reduction Act, I will continue to work to ensure that our district receives its part of the historic benefits that this law is providing to communities across our country. I was proud to vote for this historic law, and I look forward to seeing the continued impact it has in the months and years to come.”
The Inflation Reduction Act included the GREEN Act, legislation written by Rep. Thompson which is making the largest investment in fighting climate change in history. That bill, which collectively invested over $300 billion in renewable energy technologies, included incentives for solar, wind, geothermal and hydropower, as well as tax credits for electric vehicles and high-efficiency heating and cooling systems.
In addition to its climate investments, the Inflation Reduction Act is:
Lowering costs for families:
• Thanks to the Inflation Reduction Act, 37,000 people who signed up for a marketplace plan in California’s Fourth District will save an average of $1,200 on their health care premiums this year.
• Caps insulin prices for seniors and other Medicare beneficiaries at $35/month, saving about 3,100 people in California’s Fourth District who use insulin an average of $330 annually.
• Saves nearly 19 million Americans approximately $7.4 billion annually on prescription drug costs starting in 2025 when cost-reducing policies, like a $2,000 cap on annual out-of-pocket pharmacy costs for Americans with Medicare, go into effect.
• Allows Medicare to finally negotiate prescription drug prices starting in 2026, slashing prices and saving taxpayers nearly $100 billion over the next 8 years.
• Unleashes the power of cleaner, cheaper energy to save families hundreds of dollars on their energy bills every year and provides thousands of dollars in discounts to help families upgrade to more efficient appliances and vehicles.
Growing the middle class:
• Delivers a clean energy future that is Made-In-America, with over 170,000 new jobs and $278 billion in new investments already announced in 44 states, including 5,288 clean energy jobs and nearly $12 billion in investments in California.
• Lays the foundation for the future of our economy with historic investments in clean energy and American manufacturing that are projected to create millions of jobs and reduce carbon pollution by 40 percent by 2030.
• Gives more Americans a path to the middle class by expanding workforce training and registered apprenticeship programs to create good-paying jobs that don’t require a college degree.
Promoting tax fairness and reducing the deficit:
• Achieves hundreds of billions of dollars in deficit reduction without a penny in new taxes on families making under $400,000 per year.
• Ensures billion-dollar corporations are contributing to the communities they rely on with a 15% minimum tax for large corporations.
• Gives the IRS the resources they need to take on wealthy tax cheats while improving services for families, reducing average wait times from 27 minutes to 4 minutes.