MADISON, Wis. – As President Biden celebrates Democrats’ Inflation Reduction Act becoming law with congressional Democrats at the White House today, Wisconsinites deserve to know that every Wisconsin Republican in Congress voted against lowering health care and energy costs, and creating new, good-paying jobs in Wisconsin and across the country.
Here’s a refresher on the specific ways Democrats’ Inflation Reduction Act will help cut costs for Wisconsin families and boost the state’s economy – no thanks to Republicans in Congress:
CUTTING PRESCRIPTION DRUG COSTS:
- Will cap out-of-pocket costs on prescription drugs at $2,000 for 30,000 Wisconsin Medicare beneficiaries who would otherwise have out-of-pocket costs above the cap, and, for the first time, all 894,000 Wisconsinites with Medicare Part D will have the peace of mind of knowing their pharmacy costs are capped.
- Allows Medicare to negotiate some high-cost prescription drug prices, which will bring down the out-of-pocket costs of these drugs for 894,000 Medicare beneficiaries.
- Will cap 59,000 Wisconsin Medicare beneficiaries’ insulin copays at $35 per month.
LOCKING IN LOWER HEALTH INSURANCE PREMIUMS AND EXPANDING COVERAGE:
- Roughly 43,000 more Wisconsinites will have health insurance next year compared to without the Inflation Reduction Act.
- Continues savings of about $1,080 on average annually for 212,000 Wisconsinites with Affordable Care Act (ACA) Marketplace coverage. This particularly helps Wisconsin small business owners and self-employed people, who make up 22 percent of ACA marketplace enrollment among working-age Wisconsinites.
LOWER ENERGY COSTS:
- Reduces costs with rebates covering 50-100 percent of the cost of installing new electric appliances, including super-efficient heat pumps, water heaters, clothes dryers, stoves, and ovens. In Wisconsin, millions of low- and moderate-income households are eligible for rebates.
- Creates grants to help state and local governments adopt the latest building energy codes, which would save the average new homeowner in Wisconsin 21.6 percent on their utility bills—$651 annually.
- Expands clean energy job opportunities, bringing an estimated $4 billion of investment in large-scale clean power generation and storage to Wisconsin between now and 2030.
- Helps create jobs across solar, wind, storage, and other clean energy industries with tax credits that include bonuses for businesses that pay a prevailing wage, so that Wisconsin workers earn a good paycheck as we build the clean energy future in America.
- Bolsters domestic manufacturers, who employ 466,600 workers in Wisconsin, by helping us make the technologies of the future at home – supporting local economies and strengthening supply chains.
- Wisconsin is home to 461,525 small businesses, representing 99.4 percent of all businesses in the state, and the Inflation Reduction Act will help them save money.
- Creates tax credits for commercial building owners, allowing them to save up to $5 per square foot to support energy efficiency improvements that deliver lower utility bills.
- Helps businesses transition to clean energy by creating tax credits covering 30 percent of the costs of installing low-cost solar power and of purchasing clean trucks and vans for commercial fleets.
- Supports climate-smart agriculture practices, which will help Wisconsin’s 64,100 farms lead on climate solutions and reward their stewardship.
- Electric cooperatives, which serve about 270,000 homes, businesses, and other customers in Wisconsin, will for the first time be eligible for direct-pay clean energy tax credits.
- Dedicates investments for rural electric cooperatives to boost resiliency, reliability, and affordability, including through clean energy and energy efficiency upgrades.