Democrats Send Inflation Reduction Action to President Biden’s Desk to Lower Drug Prices in Medicare and Make Corporations Pay Taxes They Owe
WASHINGTON — Following the successful vote to pass the Inflation Reduction Act in the House of Representatives, Health Care for America Now Executive Director Margarida Jorge released the following statement:
Today’s vote in the House of Representatives brings the country another step closer to achieving affordable health care for everyone by making long-overdue improvements in Medicare and the Affordable Care Act. Medicare negotiations, a centerpiece of the bill, will finally lower the price of some of the most expensive drugs for seniors, create the first-ever out-of-pocket cost cap for people in Part D, stop pharmaceutical corporations from raising the prices of drugs faster than inflation and ensure that coverage for millions of people who get ACA insurance will be affordable over the coming years. The bill will save providers and taxpayers $288 billion over the next 10 years without raising taxes on anyone who makes less than $400,000 per year.
Americans, particularly seniors who require the most prescriptions, have waited far too long for the affordable medicines they need to stay healthy because of drug corporations’ price gouging. The prices of half the drugs covered by Medicare increased faster than inflation in recent years, leaving millions of people without access to the prescriptions they need. Medicare Part D enrollees currently spend nearly $3,000 a year out of pocket on prescription drugs – leaving many of them to skip doses or forgo other necessities so they can take medicine, especially as inflation has increased the cost of everything from food to housing.
This legislation also makes historic progress on improving the climate and environmental conditions that contribute to health outcomes including reducing pollution, cutting carbon emissions, transitioning to more ‘clean’ sources that make energy more affordable for households and creating good jobs that fuel economic security. All of these positive changes are paid for with increased taxes on the richest corporations making over $1 billion in profits and by giving the Internal Revenue Service the resources it needs to track down wealthy tax cheats who for years have avoided paying what they owe to support an economy that works for everyone.
Our country is now just one more step away from making history, as the House sends the bill to President Biden for signature. After years of promises on drug pricing reform, taxing the rich and reducing the national deficit, Democrats have delivered on their commitments without any support from Republicans who universally voted against this bill – and millions of Americans will benefit.