Statement from LWVPA on the Inflation Reduction Act

The League of Women Voters of Pennsylvania commends the U.S. Senate for passing the Inflation Reduction Act. The bill tackles some of the most pressing issues today: climate change, a rising national deficit, and rising healthcare costs. 

What will the Inflation Reduction Act do? 

The bill, providing 700 billion dollars for climate change and clean energy, represents the single biggest investment in the climate in United States history. The Inflation Reduction Act will provide money to invest in renewable energy and cut carbon emissions by 40% by 2030.

In addition, the bill will bring in over 300 billion dollars in revenue by creating a 15% minimum tax for all corporations who make more than 1 billion dollars in revenue and thus work to offset the deficit. The Inflation Reduction Act also reduces healthcare costs by allowing the Health Secretary to negotiate prescription drug prices and lowering Affordable Care Act premiums. 

What are the next steps?

The Inflation Reduction Act will now go to the House of Representatives where it must pass before being signed into law by President Biden. The LWVPA encourages all Pennsylvanians to urge their representatives to support this important legislation. Find your lawmaker’s contact information here.