THE INFLATION REDUCTION ACT LOWERS COSTS FOR FAMILIES 

FOR IMMEDIATE RELEASE 
September 15, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

THE INFLATION REDUCTION ACT LOWERS COSTS FOR FAMILIES 

Americans Will See Lower Prices for Health Care, Prescription Drugs, and Energy

Here’s a look at where families will see lower prices thanks to President Biden and the Inflation Reduction Act…

Cutting Prescription Drug Costs

The Inflation Reduction Act contains several provisions that will lower the cost of prescription drugs for Americans. Here’s how:

  • 5-7 million Americans on Medicare could see their prescription drug costs go down because of the provision allowing Medicare to negotiate prescription drug costs.

  • 50 million Americans with Medicare Part D will have the peace of mind knowing their prescription drug costs are capped at $2,000 per year, directly benefiting about 1.4 million Americans each year.

  • 3.3 million Americans on Medicare who have diabetes will benefit from a guarantee that their insulin costs are capped at $35 for a month’s supply.

Lowering Health Care Costs

The Inflation Reduction Act lowers health insurance costs and ensures that more people are covered. Here’s how:

Families Save on Energy Costs

The Inflation Reduction Act will save Americans hundreds, or possibly thousands of dollars, thanks to the significant investments in clean energy. Here’s how:

  • Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.

  • The bill contains $14,000 in direct consumer rebates for families to buy heat pumps or other energy efficient home appliances, saving families at least $350 per year.

  • 7.5 million more families will be able to install solar on their roofs with a 30% tax credit, saving families $9,000 over the life of the system or at least $300 per year.

  • Up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles, helping families save $950 per year.

  • Putting America on track to meet President Biden’s climate goals will save every family an average of $500 per year on their energy costs.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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