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Washington, DC – Today, Congresswoman Jennifer Wexton (D-VA) voted to send historic, inflation-fighting legislation to the President’s desk. The Inflation Reduction Act will deliver landmark investments to lower Virginia families’ kitchen table costs, create nine million good-paying union jobs, combat the climate crisis, and dramatically reduce the deficit.

“I’m proud of my vote to pass the Inflation Reduction Act, a major piece of legislation that will lower health care and prescription drug costs, make the largest investment in our history to combat climate change, and fight inflation while reducing the deficit,” said Congresswoman Jennifer Wexton. “Tackling rising costs has been a top priority for me this Congress, and I'm proud we're delivering on longstanding priorities that will help Virginians without raising taxes on working families. With this bill now finally across the finish line, I'm excited for the benefits it will bring all Virginians for many years to come.”

This legislation will bring down costs for working Virginians while building a cleaner economic future across the country, taking action to:

• 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.
• Lower health care costs: reducing premium costs for tens of thousands of Virginians by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
• Lower energy costs: saving Virginia families an average of $1000 per year on their energy bills.
• Lower the deficit and help fight inflation: making a historic down payment on deficit reduction of approximately $300 billion. 
• 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:

• Strengthening IRS enforcement against wealthy tax cheats.
• Closing tax loopholes exploited by the wealthiest few.
• Implementing a 15 percent corporate minimum tax on billion-dollar companies and a 1 percent tax on corporate stock buybacks.

An 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.

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