Emanuel Cleaver: Help is on the way thanks to Inflation Reduction Act

(From Fifth District Congressman Emanuel Cleaver)

I have heard from countless Missourians about the challenges hardworking families are facing as the cost-of-living rises due to Putin's evil invasion of Ukraine, supply chain weaknesses caused by the global pandemic, and numerous other underlying factors. 

I share your frustration over the higher prices on everything from gas to groceries, and I want you to know that my highest priority is lowering costs for the people of Western Missouri. But today, I'm happy to report that help is on the way.

Last month, Congress took a critical step toward lowering prescription drug prices, healthcare premiums, and home energy bills by passing the Inflation Reduction Act. This bill, passed by Congress with my support and signed into law by President Biden, will not only make a lasting impact on working families by lowering the cost of essential items Missourians depend on, such as lifesaving medications, health insurance, and energy to heat their homes, but it will also combat inflation by lowering our national deficit by roughly $300 billion, according to the House Budget Committee Majority.

And, perhaps, the best part of the whole deal? We were able to accomplish all of that without raising a penny in taxes on families earning less than $400,000--all by finally making sure that giant corporations and the ultrawealthy are paying their fair share. 

I wanted to take this opportunity to highlight some of my favorite provisions from this historic legislation and how it might impact you, including:

Lowering prescription drug prices for Missouri seniors: 

After decades of hard work, the Inflation Reduction Act will finally allow Medicare to negotiate lower prescription drug prices, cap the cost of insulin for seniors on Medicare at $35-per-month, and cap the out-of-pocket cost of prescription drugs for Medicare beneficiaries at $2,000 per year.

Expanding and protecting affordable healthcare

Thanks to the Inflation Reduction Act's substantial investments in the Affordable Care Act, healthcare coverage will be extended to an additional 29,000 Missourians and affordable healthcare access will be protected for 233,000 Missourians currently enrolled in the ACA, with the bill cutting the cost of health insurance by an average of $820 for Missourians who get their healthcare through the ACA marketplace, according to the House Budget Committee Majority.

Investing in clean energy and energy independence

The Inflation Reduction Act extends and creates tax breaks and rebates that will help accelerate America's transition to renewable energy, reduce our carbon emissions by 40% by the end of the decade, and lower home energy costs for Missouri families. 

The bill will enable tens of thousands of Missouri households to install rooftop solar, deliver $6.6 billion in investments in large-scale clean energy generation and storage, provide tax breaks to purchase electric vehicles and energy-efficient appliances, and more, according to the House Budget Committee Majority.

Reducing the deficit by holding big corporations and the wealthy accountable

By closing tax loopholes used by giant corporations and ensuring the wealthiest Americans can no longer dodge taxes, the Inflation Reduction Act will not only pay for all the benefits already discussed, but it will also end up reducing our national deficit by roughly $300 billion, according to the White House.

I was proud to stand with President Biden and my colleagues in the House of Representatives to help pass the Inflation Reduction Act for the American people, as it will help lower costs on hardworking families, create good-paying jobs, and reduce our national deficit--all paid for by making sure the wealthy and corporations are paying their fair share. 

If you would like to see some of the ways in which Missouri families will save money from the Inflation Reduction Act, you can find a helpful fact sheet from the White House here and an interactive map from the House Budget Committee here.

As always, it is an honor serving as your representative. If you are in need of assistance with a federal agency or would simply like to share your opinion on an issue, please do not hesitate to reach out to my office.