Peters, Stabenow on Inflation Reduction Act passing

LANSING, Mich. (WLNS) — Following the Inflation Reduction Act‘s passing of the Senate, Michigan Senators Gary Peters and Debbie Stabenow are giving their input on the bill’s passage.

For Senator Stabenow, price gouging is deeply impacting Americans.

"Price-gouging is taking a big chunk out of Americans’ wallets. This bill takes on Big Pharma to lower prescription drug costs for Americans. The over 2 million Michigan residents who rely on Medicare will see their prices drop because Medicare can finally negotiate with drug companies. The bill also takes on Big Oil to lower energy costs and tackle the climate crisis while creating good-paying jobs and ensuring we lead the clean energy future. And the great news is that this bill is fully paid for and reduces the deficit by making corporations pay taxes like everyone else.”

Senator Gary Peters highlighted the affects the bill will have on prescription drug costs and the climate crisis in the nation.

“Thanks to the Inflation Reduction Act we passed in the Senate, we will lower costs for families including for prescription drugs,” said Senator Peters. “I’m proud that this legislation also makes historic investments to combat climate change, while incentivizing clean energy production, American manufacturing and job creation — and at the same time lowers the deficit.”

A statement from Peters also highlighted key points of the Inflation Reduction Act, including:

• LOWERS PRESCRIPTION DRUG COSTS: Medicare would be allowed to negotiate drug prices and cap out-of-pocket costs at $2,000 annually. The cost of insulin would be capped at $35 per month co-pays for seniors on Medicare plans.

• LOWERS HEALTH CARE COSTS: Affordable Care Act premiums would be reduced for Americans through 2025.

• INVESTS IN CLEAN ENERGY & DOMESTIC MANUFACTURING: The proposed legislation discusses clean energy tax credits for consumers and manufacturing. Consumer tax credits would be for electric vehicles and encourage families to make their homes more energy efficient and run on clean energy.
  • Manufacturing incentives, including tax credits to encourage onshoring of supply chains and accelerate domestic manufacturing of solar panels, wind turbines, batteries and critical minerals.

• REDUCES DEFICIT & FIGHTS INFLATION: The bill would help bring down the deficit. While bigger corporations and the wealthy pay, there would be no new taxes for families making $400,000 or less, as well as no new taxes on small businesses.

The Inflation Reduction Act is now on it’s way to the U.S. House of Representatives for consideration.