Kaine Statement on Upcoming Inflation Reduction Act Vote
WASHINGTON, D.C. —Today, U.S. Senator Tim Kaine released the following statement regarding the upcoming Senate vote on the Inflation Reduction Act:
"We will start the floor debate today leading up to passage of the Inflation Reduction Act. Every Republican will oppose the Inflation Reduction Act because they want to protect Big Oil and Big Pharma, who hate our climate and health provisions.
“This bill will save Virginians money on prescription drugs and health insurance premiums. It will protect our miners and their families by permanently extending the federal black lung excise tax at a higher rate, providing certainty for future benefits. It will spur American innovation in clean energy, including Virginia’s growing offshore wind and solar industries, and help us battle climate change. And it will dramatically reduce the federal deficit. Let’s get it done!”
The Inflation Reduction Act will fight inflation, reduce the deficit, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will lower health care costs by finally allowing Medicare to negotiate prescription drug prices and extend the expanded Affordable Care Act subsidies for three years, through 2025. Additionally, the Inflation Reduction Act will permanently extend the Black Lung Disability Trust Fund excise tax at a higher rate, providing certainty for miners, miner retirees, and their families who rely on the fund to access benefits.
The legislation will require the largest corporations and wealthiest Americans to pay their fair share in taxes. There are no new taxes in this bill on families making $400,000 or less and no new taxes on small businesses.