Factsheet: What the Historic Inflation Reduction Act Means for District Residents. President Biden Signs Historic Inflation Reduction Act Into Law. NEW YORK, NY –Last week, Representative Adriano Espaillat (NY-13) voted to pass the Inflation Reduction Act – historic legislation that will lower families’ kitchen table costs, create millions of good-paying jobs delivering the most significant action on climate in history, and dramatically reduce the deficit. President Biden signed this life-changing bill into law earlier today to deliver significant relief for families in New York's 13th congressional district and around the nation.
The Inflation Reduction Act is a victory for America’s families and for our planet – advancing the people’s interest over the special interest. This legislation will bring down costs for working New Yorkers while building a cleaner economic future across the country, taking action to:
1. Lower prescription drug prices: empowering Medicare to negotiate the price of prescription drugs, preventing excessive price hikes and capping seniors’ out-of-pocket drug costs at $2,000.
2. Lower health care costs: reducing premium costs for more than 3.7 million New Yorkers by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
3. Lower energy costs: saving New York families an average of $1000 per year on their energy bills.
4. Lower healthcare costs for over 3.7 million seniors in New York on Medicare
5. Lower the deficit and help fight inflation: making an historic down payment on deficit reduction of approximately $300 billion.
6. Deliver America’s largest-ever climate investment: supporting domestic energy production, creating nine million good-paying union jobs and reducing carbon pollution by roughly 40 percent this decade.
According to 126 leading economists – including seven Nobel Prize winners, three former chairs of the Council of Economic Advisers, two former Treasury Secretaries – the Inflation Reduction Act “will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth.”
The Inflation Reduction Act also honors Democrats’ promise: no new taxes on families making $400,000 or less and no new taxes on small businesses. This legislation is fully paid-for by ensuring that large corporations and the ultra-wealthy pay their fair share:
1. Strengthening IRS enforcement against wealthy tax cheats.
2. Closing tax loopholes exploited by the wealthiest few.
3. Implementing a 15 percent corporate minimum tax on billion-dollar companies and a 1 percent tax on corporate stock buybacks.
Overwhelming majority of the American public supports the Inflation Reduction Act’s key health care, climate, and inflation-fighting measures. Data for Progress found that 73 percent of voters back the Inflation Reduction Act, including 95 percent of Democrats, nearly three-quarters of Independents, and more than half of Republicans. This legislation also enjoys broad support from a wide range of advocacy organizations, including the AFL-CIO, Natural Resources Defense Council, League of Conservation Voters, AARP, UnidosUS, Small Business Majority, Protect Our Care and U.S. Conference of Mayors.
Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his third term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities. He is also a member of the House Committee on Education and Labor and the Congressional Hispanic Caucus (CHC), where he serves in a leadership role as the Second Vice Chair and is a member of the Congressional Progressive Caucus, where he serves as Deputy Whip. Representative Espaillat also currently serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/. | 
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