TUCSON, Ariz. – Today, Rep. Raúl M. Grijalva (AZ-07) celebrated the one-year anniversary of the Inflation Reduction Act, landmark legislation which continues to deliver for Arizona families. Over the last twelve months, the investments in the Inflation Reduction Act have lowered costs for Arizonans while creating new jobs, combating climate change, and reducing the deficit — all without a penny in new taxes for Americans making under $400,000.
“One year ago, President Biden signed into law a historic piece of legislation that is bringing down costs for Arizonan families, growing the middle class with new clean energy and manufacturing jobs, and making the largest investment in the fight against climate change in our nation’s history,” said Rep. Grijalva. “I was proud to vote for the Inflation Reduction Act then, and I’m even prouder today as it continues to deliver for our families, our communities and our planet. And with new investments being announced every day and major prescription drug savings starting in 2025, the best is still to come. This legislation lays the foundation for decades of economic growth, tackling the climate crisis and investing in our clean energy future as we continue to build an America that works for everyone.”
Many of the Inflation Reduction Act’s responsible, pro-growth policies are already at work for Arizonans right now, with even more progress on the way:
Lowering costs for families in Arizona’s 7th Congressional District:
- Thanks to the Inflation Reduction Act, 22,000 people signed up for a marketplace plan in 7th Congressional District of Arizona will save an average of $1,060 on their health care premiums this year.
- Caps insulin prices for seniors and other Medicare beneficiaries at $35/month, saving about 2,600 people in who use insulin an average of $490 annually.
- Saves nearly 19 million Americans approximately $7.4 billion annually on prescription drug costs starting in 2025 when cost-reducing policies, like a $2,000 cap on annual out-of-pocket pharmacy costs for Americans with Medicare, go into effect.
- Allows Medicare to finally negotiate prescription drug prices starting in 2026, slashing prices and saving taxpayers nearly $100 billion over the next 8 years.
- Unleashes the power of cleaner, cheaper energy to save families hundreds of dollars on their energy bills every year and provides thousands of dollars in discounts to help families upgrade to more efficient appliances and vehicles.
Growing the middle class:
- Delivers a clean energy future that is Made-In-America, with over 170,000 new jobs and $278 billion in new investments already announced in 44 states, including 1,150 clean energy jobs and $1.4 billion in investments right here in Arizona’s 7th Congressional District.
- Lays the foundation for the future of our economy with historic investments in clean energy and American manufacturing that are projected to create millions of jobs and reduce carbon pollution by 40 percent by 2030.
- Gives more Americans a path to the middle class by expanding workforce training and registered apprenticeship programs to create good-paying jobs that don’t require a college degree.
Promoting tax fairness and reducing the deficit:
- Achieves hundreds of billions of dollars in deficit reduction without a penny in new taxes on families making under $400,000 per year.
- Ensures billion-dollar corporations are contributing to the communities they rely on with a 15% minimum tax for large corporations.
- Gives the IRS the resources they need to take on wealthy tax cheats while improving services for families, reducing average wait times from 27 minutes to 4 minutes.