Boyle Votes For Historic Inflation Reduction Act To Lower Pennsylvanian's Costs

Press Release

Today, Congressman Brendan F. Boyle (PA-02) voted to send landmark legislation to the President's desk. The Inflation Reduction Act lowers Pennsylvania families' costs, creates nine million good-paying jobs, combats the climate crisis, and dramatically reduces the deficit.

"The Inflation Reduction Act is an historic victory for middle-class families and for our planet: delivering the investments we need to keep down health care costs, reinvigorate American manufacturing, and drive our transition to a clean energy economy", said Congressman Boyle. "Importantly, this legislation is fully paid-for by closing loopholes on billionaire corporations that pay nothing in taxes. This legislation is a monumental step forward in House Democrats' fight to build a fairer, cleaner economy. We remain focused on putting People Over Politics: lowering costs, creating better-paying jobs, and building safer communities for all."

This legislation will bring down costs for working Pennsylvanians while building a cleaner economic future across the country, taking action to:

Lower prescription drug prices: empowering Medicare to negotiate the price of prescription drugs, preventing excessive price hikes and capping seniors' out-of-pocket drug costs at $2,000.
Lower health care costs: reducing Pennsylvanian's premium costs by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
Lower energy costs: saving Pennsylvania families an average of $1000 per year on their energy bills.
Lower the deficit and help fight inflation: making an historic down payment on deficit reduction of approximately $300 billion.
Deliver America's largest-ever climate investment: supporting domestic energy production, creating nine million good-paying union jobs and reducing carbon pollution by roughly 40 percent this decade.
According to 126 leading economists -- including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, two former Treasury Secretaries -- the Inflation Reduction Act "will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth."

The Inflation Reduction Act also honors Democrats' promise: no new taxes on families making $400,000 or less and no new taxes on small businesses. This legislation is fully paid-for by ensuring that large corporations and the ultra-wealthy pay their fair share:

Strengthening IRS enforcement against wealthy tax cheats.
Closing tax loopholes exploited by the wealthiest few.
Implementing a 15 percent corporate minimum tax on billion-dollar companies and a 1 percent tax on corporate stock buybacks.

An overwhelming majority of the American public supports the Inflation Reduction Act's key health care, climate and inflation-fighting measures. Data for Progress found that 73 percent of voters back the Inflation Reduction Act, including 95 percent of Democrats, nearly three-quarters of Independents, and more than half of Republicans. This legislation also enjoys broad support from a wide range of advocacy organizations, including the AFL-CIO, Natural Resources Defense Council, League of Conservation Voters, AARP, UnidosUS, Small Business Majority, Protect Our Care and U.S. Conference of Mayors.

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