One Year of Historic Law: Savings on Health Care & Clean Energy

I was proud to vote for the historic Inflation Reduction Act, which President Biden signed into law one year ago this week. This law is providing savings on both health care and clean energy, creating jobs in the United States, and represents the largest investment Congress has ever made in clean energy and fighting climate change. 

One of the parts of this law that I’m proudest of is the $35-per-month cost cap for insulin for Medicare beneficiaries. And both President Biden and I support expanding this cost protection to ALL Americans! This law is also providing savings on the cost of health insurance for many Americans who enroll through healthcare.gov or pennie.com, Pennsylvania’s Affordable Care Act marketplace. In the near future, prescription drug savings will begin to phase in from this law. 

You can find ways this law will help you save on your home energy costs by clicking here, whether you’re a homeowner or a renter. 

I’m proud of the record climate investments in this law. The White House reports that, together with additional actions being taken by federal, state, and local governments as well as the private sector, the United States is now on a path to achieve President Biden’s ambitious goal of cutting emissions 50-52 percent below 2005 levels by 2030 and reaching net-zero emissions by no later than 2050.

 As a member of the House Ways and Means Committee, which oversees the IRS, I’m pleased to see this law is funding improved customer service for taxpayers. It’s also projected to raise $300 billion over a decade by requiring large corporations to pay a 15 percent minimum tax on their profits and by enacting a 1 percent excise tax on stock buybacks and redemptions. 

In addition, over the next decade, investments from this new law are expected to enable the IRS to collect at least $150 billion in taxes already owed by wealthy people and big corporations. 

You can read more about this historic law here. 

My office can also help with other federal issues. During my first six years in Congress, my office has helped to return to or save more than $25 million for Philadelphians from federal agencies such as the IRS, Social Security Administration and Department of Veterans Affairs. We also help constituents with other federal concerns such as U.S. Postal Service issues and immigration or passport issues. 

If you’re seeking help with a federal agency or a federal concern, you can contact my offices at 215-276-0340 (Northwest Philadelphia) or 215-254-3400 (Point Breeze) or fill out this form that legally authorizes us to look into your case. My staff has also resumed holding mobile office hours in several locations throughout the district. 

Staying informed: You can also keep up with information and services between these newsletters on my Facebook, Twitter,Instagram and Threads pages – including updates on my Facebook and Instagram Stories. 

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