Source: United States Senator for New Jersey Bob Menendez
ELIZABETH, N.J. – U.S. Senators Bob Menendez and Cory Booker (both D-N.J.), and Congressmen Albio Sires (D-N.J.-08), were joined today by seniors and advocates to highlight the impacts that the Inflation Reduction Act of 2022 will have on hardworking families across New Jersey. The bill, which passed the Senate on Sunday, will lower the cost of prescription drugs, expand health care access, create millions of good-paying jobs, and make critical investments in the fight against climate change. The House will vote on the bill later this week.
“This legislation will transform the lives of millions by lowering the cost of prescription drugs to help seniors struggling to make ends meet, including provisions I authored like the $2,000 out-of-pocket cap and smoothing provision for Medicare beneficiaries, and strengthening health care access for millions of working-class families by extending subsidies under the Affordable Care Act for three years,” said Sen. Menendez. “Too often our seniors have had to choose between affording their medication and putting food on the table, or taking a vacation, or simply enjoying their senior years. This bill will end these horror stories once and for all while also supercharging our nation’s fight against climate change by putting us on a path to reduce emissions by 40% by 2030. With this bill, we are closing tax loopholes abused by the largest corporations, creating millions of good-paying jobs, and cutting costs for American families.
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“This past weekend, Senate Democrats took a historic step forward to reduce consumer costs, combat climate change, and implement a fairer tax code,” said Sen. Booker. “The Inflation Reduction Act includes provisions that are broadly supported by the American public, including allowing Medicare to negotiate prescription drug prices, capping out-of-pocket costs for seniors, and making the largest Congressional investment ever to address the existential threat of climate change. It also includes critical environmental justice priorities that will help address legacy and ongoing pollution in overburdened communities that are disproportionately Black and Brown. This is a transformative piece of legislation, and despite its imperfections, I am deeply proud to have voted for it.”
“I applaud Senator Menendez and Senator Booker for their dedicated work to pass the Inflation Reduction Act which will benefit so many New Jerseyans. Over the years, I have heard from many constituents who had to choose between expensive but essential medication and other necessities,” said Rep. Albio Sires. This historic bill will help put money back into the pockets of those constituents while ensuring they have access to quality health care. I look forward to voting in favor of the Inflation Reduction Act when it comes before the House and sending it to the President’s desk for his signature.”
“I am proud the Senate passed the Inflation Reduction Act,” said Rep. Donald M. Payne, Jr. “This bill will clean the environment, create new jobs in energy technology, make sure corporations pay their fair share in taxes, and significantly reduce the prices of life-saving medications for millions of Americans. I am extremely disappointed that the majority of Senate Republicans refused to allow American diabetics with private insurance to benefit from a $35 cap on insulin payments. As a diabetic and insulin user, I understand that diabetics need this medication to stay alive. Compared to Canada and European countries, American companies have been overcharging for insulin and profiting off the backs of diabetics for years. It forces too many diabetics to choose between food or medicine. No American should have to make that choice. However, this is a good bill that will provide numerous benefits to American families and the economy and I plan to support it when the bill comes up for a House floor vote this week.”
The Inflation Reduction Act will transform the lives of New Jerseyans by lowering the cost of prescription drugs to help seniors struggling to make ends meet. The bill includes a $2,000 out-of-pocket cap and smoothing provision for Medicare beneficiaries authored by Sen. Menendez. More than 1.6 million Medicare beneficiaries in New Jersey will see relief with lower prescription drug costs.
“On behalf of our 1.2 million Garden State members and all older New Jersey residents, AARP New Jersey thanks Senator Menendez and Senator Booker for their historic votes to pass the Inflation Reduction Act of 2022 and moving one step closer to providing real relief from out-of-control prescription drug prices,” said Evelyn Liebman, AARP New Jersey Director of Advocacy. “This legislation will help bring down costs for seniors and families, helping them afford the medicines they need to stay healthy. We have been working for nearly two decades to allow Medicare to negotiate the price it pays for medications. We can’t overstate what a monumental improvement this prescription drug package will be for older Americans struggling to afford their medications. We urge the House to move quickly and enact this momentous reform.”
The bill will strengthen health care access for millions of working families by extending subsidies under the Affordable Care Act for three years. More than 260,000 New Jerseyans will continue to receive ACA tax credits.
“Working families in New Jersey and around the country continue to suffer disproportionally from the effects of the pandemic. The Inflation Reduction Act, followed by the climate justice provisions are truly historic, albeit not enough,” said Kevin Brown, SEIU 32BJ Executive Vice President and NJ State Director. “In addition to tangible positive changes, we hope to see additional measures to expand investment in home care, child care, and the creation of good union jobs for all.”
The bill is also a historic victory in the fight against climate change, marking the most impactful legislation Congress has ever passed to reduce greenhouse gas emissions and putting the nation on a path to reduce emissions by 40% by 2030, while also closing tax loopholes abused by the largest corporations.
“The Senate took a massive step forward in the fight against climate change by passing the Inflation Reduction Act,” said Ed Potosnak, Executive Director, New Jersey LCV. “This legislation will invest $370 billion to curb climate pollution — the largest amount in history. And it will do it by building a new 21st century economy powered by green energy that will create millions of good-paying union jobs while investing billions of dollars in communities of color and low-income neighborhoods that have borne the brunt of environmental racism and disinvestment. We want to thank Senators Menendez and Booker for their leadership in this decades-long fight to head off a climate crisis, and we call on the House of Representatives to pass this legislation later this week so it can go to President Biden for his signature.”
Passage of the Inflation Reduction Act of 2022 means:
- More than 260,000 New Jerseyans will continue to receive ACA tax credits for the next three years.
- More than 1.6 million Medicare beneficiaries in New Jersey will see relief with lower prescription drug costs.
- NJ seniors on Medicare will have their out-of-pocket costs capped at $2,000 per year and will be able to pay over time if they do.
- The Department of Health and Human Services will be able to negotiate prescription drugs prices for the Medicare program.
- Giant corporations with profits in excess of $1B will pay a minimum tax rate of 15%.
- Greenhouse gas emissions will be cut approximately 40% by 2030, with a focus on investing in disadvantaged communities.
- Billions of dollars in home energy rebate programs to increase energy efficiency, electrify homes, and decrease costs for consumers.
- Extended and expanded tax credits for renewable energy, electric vehicles, rooftop solar, and other clean energy technologies.
- More than 9 million good paying jobs across the nation in industries related to a transition to cleaner energy.
- $1 billion grant program to make affordable housing more energy efficient.
- Investing in modernization of the Internal Revenue Service.
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