Unrig Our Economy Applauds Senate Passage of Inflation Reduction Act and Urges House of Representatives to Follow Suit
Today, Senate Democrats voted to pass the Inflation Reduction Act of 2022 — a landmark piece of legislation that will combat corporate greed, make wealthy corporations pay their fair share in taxes, and reduce costs for working people. The legislation will address the price-gouging of massive drug companies by lifting the ban on Medicare negotiating lower prescription drug prices and lowering health insurance costs for 13 million Americans. And the 15 percent corporate minimum tax and one percent stock buybacks tax included in the bill will also ensure that working people aren’t paying more in taxes than some of the country’s largest corporations and that corporations are disincentivized from spending trillions of dollars on stock buybacks to wealthy shareholders and executives. Every Republican Senator voted against the legislation.
Unrig Our Economy campaign director Sarah Baron, issued the following statement in response:
“The Senate’s passage of the Inflation Reduction Act of 2022 is a win for working people across the country — and Senate Republicans’ total opposition to the bill is a glaring indication that their loyalties lie instead with corporations and the wealthy. As inflation rates have climbed, Americans have faced skyrocketing prices for essential goods like gas and groceries; meanwhile, corporations have used the crisis as an excuse to price-gouge consumers while raking in record profits and paying out wealthy executives with record stock buybacks. The Inflation Reduction Act helps even the playing field, putting money back in working Americans’ pockets and curbing megacorporations’ price-gouging, stock buybacks, and tax-dodging.
We urge the House of Representatives to follow the lead of Senate Democrats and vote in favor of the Inflation Reduction Act, so President Biden can sign it into law and deliver relief to millions of working people.”
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