Big Corporations and House Republicans Still Threaten Progress Made by the Inflation Reduction Act One Year After Passage
Washington D.C – One year ago today, President Biden signed the Inflation Reduction Act into law, a historic piece of legislation that has lowered costs for working people, ensured corporations begin to pay their fair share, and allowed Medicare to negotiate lower prescription drug prices Though millions of working Americans across the country are experiencing lower costs and more jobs —inflation had even reached its lowest rate—, the Inflation Reduction Act has been under near constant threat.
On its anniversary, we want to highlight the top three threats to a more fair economy and the ability of working people to provide for themselves and their families due to the Inflation Reduction Act:
- Big corporations, including several of the most profitable companies in the world—AT&T, Amazon, Duke Energy, Ford, and FedEx— and their lobbyists are trying to undermine the 15% corporate minimum tax created by the Inflation Reduction Act. The tax is hardly a drop in the bucket for the world’s biggest companies—especially when 55 of those companies paid nothing in taxes on their 2020 profits while nurses, teachers, and firefighters pay what they owe, which is far more than that.
- Big pharmaceutical companies are not only waging a desperate legal battle to prevent Medicare from negotiating lower drug prices for seniors, a key proponent of the Inflation Reduction Act, they are partaking in tax avoidance schemes while charging everyday Americans, who do actually pay their taxes, more than any other country.
- Congressional Republicans, opposed to any legislation that prevents corporations and billionaires from further padding their pockets, are doing everything in their power to fight against corporations paying the taxes they owe, support pharmaceutical companies who are trying to stop Medicare price negotiations, and have even tried to repeal parts of the IRA. House Republicans, all of whom voted against the bill last year, have always been the leading threat to the economic progress America has made due to the Inflation Reduction Act.
Unrig Our Economy campaign director Sarah Baron released the following statement:
“The passage of the Inflation Reduction Act was a major step toward creating a fair economy for working people. Over the last year, millions in this country have not had to choose between buying life-saving medication or feeding their family. Although we have made great strides, we must not forget that every congressional Republican voted against the Inflation Reduction Act and continue to enable corporations and the rich to dodge paying the taxes they owe, instead of the constituents who put them in office. We will continue to shine a light and hold these elected officials accountable for continuing to make their flawed economic priorities clear.”