This Historic Legislation Will Lower Prescription Drug And Health Care Costs, Create Good-Paying Clean Energy Jobs, Invest In Drought Resiliency
Senator Rosen Fought To Extend Affordable Care Act Subsidies For Three Years, Which Will Save Many Nevada Families Around $2,000 Each Year
WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) voted to pass The Inflation Reduction Act, legislation that will allow Medicare to negotiate lower prescription drug prices for seniors, create clean energy jobs while combating climate change, and invest in drought resiliency for Nevada and the West. The bill includes major tax reform provisions that will contribute more than $300 billion to reduce the deficit, which will help fight inflation. This legislation will also extend for three additional years enhanced Affordable Care Act (ACA) subsidies, which were set to expire and are critical for keeping health care costs down for working families.
“At a time when Nevadans are facing rising prices, I’m proud to have voted to give them some breathing room by bringing down prescription drug costs and health care premiums, reducing energy bills, and fighting inflation,” said Senator Rosen. “This landmark legislation will also make historic investments in improving our drought resiliency and tackling the climate crisis, creating even more good-paying clean energy jobs in our state and helping secure Nevada’s water future.”
A new study by Third Way found that the expansion of ACA subsidies in this legislation will save Nevada families around $1,920 a year on average for those with employment-based health coverage, and $2,320 a year on average for those who get health insurance through the exchange.
The Inflation Reduction Act includes nearly $370 billion in climate and energy investments that will create approximately 9 million jobs over the next decade, reduce family energy costs by nearly $500 each year, and cut U.S. carbon emissions by approximately 42% by 2030. It also includes $4 billion in funding for the Bureau of Reclamation to combat Western drought, including the Colorado River Basin and Lake Mead in particular.
The Inflation Reduction Act will do all of this while not raising taxes on small businesses or individuals, including families making under $400,000 per year. Instead, the bill pays for its historic investments by closing tax loopholes for giant corporations that make more than $1 billion in profit per year to ensure they are paying their fair share. The nation’s top economic experts agree the bill “will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth.”
Key provisions that Senator Rosen helped secure in The Inflation Reduction Act include:
- HEALTH CARE: Senator Rosen played a leading role in making sure that health care premium enhanced subsidies for working families were extended for three years as part of this bill.
- PRESCRIPTION DRUGS: Senator Rosen is a co-sponsor and strong proponent of legislation to allow Medicare to negotiate for lower prescription drug costs for Nevada’s seniors, a bill that served as the basis for the key provisions in the package to lower drug costs.
- PUBLIC LANDS: This package also includes the key provisions of Senator Rosen’s bipartisan Fair Returns for Public Lands Act, which would update the nation’s outdated public lands royalty system and ensure that taxpayers and rural communities get fair returns on leases of public lands for oil and gas.
Additionally, the bill includes legislative priorities Senator Rosen has fought for over the past two years, including funding solar panel manufacturing through the Defense Production Act, extending and expanding clean energy tax credits, finally providing the full amount of tax credits for geothermal energy, extending electric vehicle tax credits, and making critical investments in drought relief in the West and wildfire mitigation.