US Senator Baldwin: Supports Inflation Reduction Act of 2022

WASHINGTON, DC – US Senator Tammy Baldwin announced her support for the Anti-Inflation Law of 2022. The legislation would make big corporations and wealthy hedge funds pay a fairer share of taxes; reduce the deficit; reducing prescription drug costs and lowering health insurance premiums; lower household energy bills and invest in clean American energy to help tackle the climate crisis

“As families and businesses face rising costs, this legislation will reduce inflation and cut spending on energy, prescription drugs and health care. Our tax reforms ensure big corporations and wealthy hedge funds pay a fairer share of taxes so we can reduce the deficit and lower inflation for working families. Our legislation will lower energy bills for consumers and invest in promoting clean energy production here at home to tackle the climate crisis and create jobs.” said Senator Baldwin.

Getting big corporations and wealthy hedge funds to pay a fairer share of taxes
The country’s most profitable companies abuse loopholes in tax laws to pay little to no tax. Year after year, these companies report record profits to shareholders and pay a lower tax rate than any other small business in America. Nurses, firefighters, police officers, and teachers often pay higher tax rates than $1 billion-a-year corporations. That Anti-Inflation Law of 2022 would make large corporations making $1 billion a year pay a fairer share of taxes with a minimum tax of 15%.

That Anti-Inflation Law of 2022 also closes the carried-interest tax loophole that largely benefits wealthy Wall Street money managers. The tax reform would save $14 billion. Previously, Senator Baldwin authored the Carried Interest Fairness Act in 2021 to close this loophole and require carried interest income to be taxed at the ordinary rates.

“To me it’s simple, we need to bring fairness to a rigged tax system that favors big corporations and wealthy Wall Street hedge fund managers so they can pay a lower tax rate than many Wisconsin workers.” said Senator Baldwin. “Our tax reforms ensure that those at the top pay a fairer share of taxes so we can reduce the deficit and make investments that lower costs for working families in Wisconsin.”

Reducing prescription drug costs and lowering insurance premiums for working families
That Anti-Inflation Law of 2022 empowers Medicare to directly negotiate the price of prescription drugs in 2023 to ensure our seniors and most vulnerable can afford the drugs they need and predicts the government will save nearly $300 billion. The new policy will ensure patients on Medicare get the best possible deal on high-priced drugs, and cap out-of-pocket costs for Medicare patients to $2,000 per year. Senator Baldwin has long campaigned to allow Medicare prescription drug negotiations and has sponsored legislation since her first election to the Senate.

The Baldwin-supported American rescue plan expanded premium tax credits for low- and middle-income Wisconsinites; and reduced health insurance premiums for working families who purchase insurance through the ACA Marketplace. That Anti-Inflation Law of 2022 is extending those tax credits by three more years, lowering healthcare costs for Wisconsin families and expanding access to affordable healthcare for millions of Americans

“No one should go bankrupt just to get the medicines or health care they need to live a healthy life. The Inflation Mitigation Act gives Medicare the power to negotiate lower prescription drug prices to lower costs for people and save taxpayers’ money.” said Senator Baldwin. “The American Rescue Plan included reform to lower health insurance premiums, and now we’re expanding tax credits for working families to prevent premium spikes and reduce healthcare costs.”

Reduce energy costs, counteract the climate crisis, create jobs
That Anti-Inflation Law of 2022 will reduce consumer energy bills and invest in America’s clean energy production, while significantly reducing greenhouse gas emissions to address climate change. The legislation would put the US on a path to emissions reductions of about 40% by 2030.

The proposal lowers energy bills on Americans’ utility bills and helps consumers afford technologies that reduce emissions and energy prices. That Anti-Inflation Law of 2022 strengthens America’s energy security by supporting more reliable and cleaner energy production and creating American manufacturing jobs in the clean energy economy. The legislation will make historic investments in American clean energy production. additionally Anti-Inflation Law of 2022 supports resilient rural communities by investing in farmers and forest owners to be part of the growing climate solutions and by ensuring rural areas and communities are better able to adapt to a rapidly changing climate and the increasing extreme weather events causing the climate crisis brings with it.

“This legislation will reduce energy costs and we are finally taking bold action to address the climate crisis. We are investing in a clean energy economy made in America to boost manufacturing here at home, powered by American-made technology and products.” said Senator Baldwin.

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