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By Rep. Pramila Jayapal (WA-07)

After more than a year of negotiations, Senate Democrats finally passed a historic reconciliation bill. The Inflation Reduction Act lowers health care costs, begins to ensure that corporations pay their fair share, and makes the largest-ever federal investment to tackle the existential threat of climate change. While were heartbroken to see the care economy, housing, and immigration left on the cutting room floor, we should be very clear that the Inflation Reduction Act takes real steps forward on key progressive priorities. Progressives in Congress and movements across the country should feel very proud of our part in getting to this point: had progressives not held the line a year ago, insisting on real negotiations and an actual Build Back Better bill passing the House, we would not be where we are. Major pieces of that bill are now in the Inflation Reduction Act about to become law. Its an achievement we can all feel excited about especially when we dig into the details.

The bill will put the United States on track to cut carbon pollution by 40 percent by 2030 through rapidly accelerating the adoption of renewable energy technologies such as electric vehicles, heat pumps, and solar panels, saving the average family $1,025 a year in energy costs and creating 9 million good jobs. It includes roughly $60 billion for environmental justice going to frontline communities. The bill allows nonprofit and public utilities, for the first time, to receive direct payments from the federal government to rapidly adopt renewable energy production, and invests billions so utilities and rural co-ops can retire coal-fired power plants, improving air quality for frontline communities and saving lives.

Progressives have been clear: we dont support the provisions that expand fossil fuel leasing but critically, independent analyses show that their limited impact will be far outweighed by the bills carbon emissions cuts. Under a worst-case scenario, the Inflation Reduction Act will remove 24 tons of pollution for every ton produced by new oil and gas leases.

When we pass the Inflation Reduction Act Friday, 13 million people will immediately see their affordable health insurance coverage extended. The bill will cap seniors yearly drug costs at $2,000 per year, and insulin at $35 per month for those on Medicare. For the first time ever, Medicare can begin negotiating prices for a small group of drugs that expands over time. After years of fighting for legislation to take on Big Pharma, Democrats are standing up to one of the nations richest and most powerful lobbying forces.

In a win for progressive economic policy, the investments in this bill are paid for by finally beginning to make the wealthy pay their fair share. The bill imposes a 15 percent minimum tax on corporations, taxes corporations that inflate their share values through stock buybacks, and invests in the IRS to go after large corporations and wealthy individuals (those who make over $400,000 per year) who evade taxes. As President Biden promised, the bill wont raise taxes on any family making less than $400,000 per year.

This isnt just good policy the Inflation Reduction Act has overwhelming public support. Polling from Data for Progress finds that 73% of Americans support the bill, including majorities of Democrats, Independents, and Republicans. The majority of Democrats and Independents support the climate provisions of this bill and for many of the clean energy components, so do the majority of Republicans. The majority of all Americans are more likely to support the bill when they hear about its carbon-pollution-cutting power.

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A Progressive Case for the Inflation Reduction Act - Data For Progress