Government and Politics
August 12, 2022
WASHINGTON, D.C. – Congressman John Sarbanes (D-Md.) today voted for transformative legislation that lowers prescription drug, health care and energy costs while fighting climate change and reducing the deficit by $300 billion over the next decade.
“As Americans face rising prices, the Inflation Reduction Act puts people over profits and strengthens our economy for the future. It delivers on several of my longest-held goals to lower prescription drug costs for seniors, expand access to affordable health care and combat the climate crisis,” said Congressman Sarbanes. “This legislation proves that we can lift up American families and crack down on corporations that take advantage of consumers – and that these smart, fair policies can even reduce the deficit and strengthen our economy for the future. Closing tax loopholes that allow the wealthiest Americans and corporations to avoid paying their fair share honors our promise to those who work hard to do their part. I am proud to support this legislation, which makes historic strides for Marylanders.”
The Inflation Reduction Act (H.R. 5376) helps Americans afford the prescriptions and health care they need. For the first time ever, this legislation empowers Medicare to negotiate prescription drug prices with drug companies, caps Medicare Part D out-of-pocket spending at $2,000 per year and limits Medicare Part D out-of-pocket costs for insulin to $35 per month. To further protect seniors from skyrocketing prices, it also requires drug manufacturers to pay a rebate to Medicare if they raise prices faster than the rate of inflation.
Building on the progress of the American Rescue Plan, this legislation extends through 2025 the premium subsidies that have saved about 13 million Americans an average of $800 per year on health insurance and contributed to the current, historically-low rate of uninsured Americans.
As the most significant action on climate ever, the Inflation Reduction Act makes clean energy more affordable and accessible for families. Deploying American-made solutions to the climate crisis, this legislation increases clean energy production; lowers home energy costs by an average of $300 per year; creates new, good-paying jobs; strengthens our energy security; and reduces carbon emissions by nearly 40 percent by 2030. It also advances environmental justice efforts and ensures disadvantaged communities reap the benefits of the clean energy economy.
See below for more information about the Inflation Reduction Act: