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Congresswoman Veronica Escobar (TX-16) voted for the passage of H.R. 5376, the Inflation Reduction Act of 2022. This reconciliation bill provides funding to fight inflation, promote domestic energy production and manufacturing, reduce carbon emissions, allow Medicare to negotiate the cost of prescription drugs, and extend important facets of the Affordable Care Act. Congresswoman Escobar is the only member of Congress from the region to vote for this bill which makes historic investments in the United States, including approximately $300 billion in deficit reduction and $369 billion to fight climate change for years to come.

“Today marks a historic victory for American families, our economy, and the planet,” said Congresswoman Escobar. “I’m proud to vote for this landmark legislation that advances Democrats’ mission to push special interests out of politics and uplift communities in need. Democrats have voted to empower Americans by lowering their everyday costs. With the Inflation Reduction Act, El Pasoans and the rest of the country will feel relief at the grocery store and gas station, in healthcare insurance, and tax fairness all while we are reducing the national deficit and making the largest investment in the fight against the climate crisis in history.”

Thanks to the negotiations of Democrats and President Biden, the Inflation Reduction Act of 2022 includes: 

Tools to Combat Climate Change 

As a member of the House Select Committee on the Climate Crisis, fighting climate change and protecting our planet is a top priority for Congresswoman Escobar. The investment made under this legislation will save the average family $1,025 per year in energy costs while creating millions of good jobs. With the passage of the Inflation Reduction Act of 2022: 

• More than $300 billion is now going to be invested in energy and climate reform. 
• $60 billion is earmarked for environmental justice initiatives in disadvantaged and front-line communities, such as El Paso.  
• $160 billion is allocated for new and expanded clean electricity tax credits, further incentivizing the transition to a cleaner power supply, driven by wind and solar. 
• Overall, this monumental piece of environmental legislation will keep our climate goals in reach, reducing U.S. emissions by 40% below 2005 levels by 2030, a vital step toward halting the worst consequences of global warming.

Reduction of Healthcare Costs 

Those in need of medication should not have to pay a high price for their health. The Inflation Reduction Act of 2022 seeks to curb these costs by authorizing Medicare to negotiate prices for some drugs for the first time ever. In addition to this, this historic piece of legislation includes measures that will cap insulin at $35 per month and other patient costs at $2,000 for seniors on Medicare, protecting thousands of El Pasoans. Other provisions include: 

• Expanding premium and co-pay assistance on prescription drugs for low-income individuals and families. 
• Extending affordable health insurance coverage to 13 million people. 
• Incentivizing manufacturers and insurers to keep drug prices down. 

• Providing free vaccines for seniors with Medicare. 

Methods to Ensure Corporations Pay Their Fair Share 

The Inflation Reduction Act of 2022 enacts an ambitious tax plan that levels the playing field for everyday Americans as it: 

• Implements a 15% minimum tax for the 200+ corporations making $1 billion or more who strategically game the tax system to pay little or no federal corporate income taxes. 
• Creates 1% excise tax on stock buybacks and will pave the way for more investments in workers.  

• Provides additional funding for the Internal Revenue Service (IRS) to identify and target large corporations that evade taxes. 
• Adheres to President Biden’s promise that no taxes will be raised on any family making less than $400,000 per year.