Congressman Johnson Votes for Historic Inflation Reduction Act to Lower Georgians' Costs

Press Release

Today, Congressman Hank Johnson (GA-04) voted to send historic, inflation-fighting legislation to the President's desk. The Inflation Reduction Act will deliver landmark investments to lower Georgia families' kitchen table costs, create nine million good-paying union jobs, combat the climate crisis and dramatically reduce the deficit.

"Today, I proudly voted to fight inflation, slash Georgians' kitchen table costs, create good-paying jobs and deliver the largest climate investment in our nation's history," said Rep. Johnson.

"The Inflation Reduction Act is an historic victory for Georgia families and for our planet: delivering the investments we need to keep down health care costs, reinvigorate American manufacturing and drive our transition to a clean energy economy. Importantly, this legislation is fully paid-for by ensuring that corporations can't dodge their taxes -- ensuring that not one middle class Georgian or small business pays a cent more in taxes. This legislation is a monumental step forward in House Democrats' fight to build a fairer, cleaner economy, and we remain laser-focused on putting People Over Politics: lowering costs, creating better-paying jobs and building safer communities for all."

This legislation will bring down costs for working Georgians 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 400,000 Georgians' premium costs by extending ACA subsidies for three more years, locking in average annual savings of $800 per person.
* Lower energy costs: saving Georgia families an average of $1000 per year on their energy bills.
* Lower the deficit and help fight inflation: making an 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.

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