FOR IMMEDIATE RELEASE
FRIDAY, AUGUST 16, 2024
CONTACT: press@opportunitywisconsin.org
Inflation Reduction Act’s success shows the importance of holding corporations accountable and building an economy that supports working families
Additional action to tackle corporate price gouging and support working families will grow our economy and create new opportunities
MADISON, Wis. – Two years after the Inflation Reduction Act was signed into law, it continues to deliver significant cost savings for many Wisconsin families, while creating new jobs and growing our economy. The success of this law highlights the importance of policies that put working families first and hold big corporations accountable, and the need for even more action.
“Thanks to the Biden-Harris administration and Democrats in Congress, the Inflation Reduction Act is already delivering relief to Wisconsin families. From delivering significant savings on prescription drugs and health care premiums, to major investments that are creating jobs and growing our economy, the Inflation Reduction Act has been an incredible success,” said Opportunity Wisconsin Program Director Meghan Roh. “Over the past two years we’ve seen what’s possible with economic policies that support working families. We have to protect our progress and also continue to tackle corporate greed, lower costs for Wisconsinites, and build an economy where everyone can succeed.”
“Too many Wisconsinites have had to make the tough decision on whether they’re able to afford essential prescription drugs or not. The Inflation Reduction Act finally took action to lower costs and hold big drug companies accountable,” said Linda Spaulding, a retiree from Kenosha. “We can’t go backwards. We need to protect the Inflation Reduction Act and continue to make sure every Wisconsinite can access the prescription drugs and health care they need.”
Since it was signed into law two years ago, the Inflation Reduction Act has continued to benefit Wisconsin:
Lower Health Care and Prescription Drug Costs: The Inflation Reduction Act is delivering lower prescription drug prices and health insurance premiums for hundreds of thousands of Wisconsin families. Many Wisconsinites will save an average of $475 on the life-saving medication that they need thanks to the Inflation Reduction Act’s cap on annual out-of-pocket prescription drug costs. Thanks to the new cap on insulin prices for Medicare recipients, recent data shows more Wisconsinites are already filling prescriptions as medication becomes more affordable. Yesterday the Biden-Harris administration announced the results of the first round of Medicare’s prescription drug price negotiations, which will save Medicare recipients an estimated $1.5 billion in the first year alone.
$1 Billion Recovered From Ultra-Wealthy Tax Cheats: The IRS recently announced it has recovered more than $1 billion from millionaires who previously owed at least $250,000 in unpaid taxes. Funding for increased enforcement was made possible thanks to the Inflation Reduction Act, which is also cracking down on large corporations and partnerships, as well as personal use of private jets owned by large corporations.
New Good-Paying Jobs for Wisconsin: The Inflation Reduction Act’s investments in clean energy are also supporting new manufacturing and other jobs across Wisconsin, with recent announcements already showing the state’s potential to manufacture clean energy infrastructure. Reports show at least hundreds of new jobs have already been created in Wisconsin. The Inflation Reduction Act’s historic tax credits will ensure these products are made in the United States and support good-paying jobs here in Wisconsin.
Lowering Energy Costs: The Inflation Reduction Act includes support for programs that help families lower utility bills, including rebates on energy-efficient appliances and funding to improve renewable energy infrastructure. Already the law has supported $920 million in climate and clean energy projects across the state.
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