Letter to the Editor

Inflation Reduction Act

By Ted Millar, Milton
Posted 8/4/22

Last week, the United States Senate negotiated a major piece of legislation from which every American will benefit if and when Congress passes it.

The Inflation Reduction Act seeks to invest …

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Letter to the Editor

Inflation Reduction Act

Posted

Last week, the United States Senate negotiated a major piece of legislation from which every American will benefit if and when Congress passes it.

The Inflation Reduction Act seeks to invest hundreds of billions of dollars in tax credits for domestic clean energy production that will create thousands of new good-paying jobs and reduce carbon emissions by roughly 40% by 2030.

It will provide incentives to manufacture new car batteries right here in the United States, helping to cut our reliance on foreign markets.

It will allow Medicare to negotiate lower prescription drug prices.

It will decrease health insurance costs by an average of $800 a year for 13 million families covered under the Affordable Care Act.

It will further reduce the deficit beyond the $1.7 trillion already achieved this year.

And it will be paid for by requiring large corporations to pay their fair share of taxes. No one making under $400,000 a year will pay a cent more.

Although too often it seems Congress is “getting nothing done,” the Biden administration has accomplished an enormous amount in a short period of time amidst historic economic and social upheaval.  

I praise Senator Schumer for getting this done amid frustrating opposition.