FOR IMMEDIATE RELEASE
THURSDAY, SEPTEMBER 5, 2024
CONTACT: press@opportunitywisconsin.org
President Biden’s visit highlights key Biden-Harris administration investments that are growing Wisconsin’s economy
The Inflation Reduction Act continues to support working families by lowering costs and investing in communities across Wisconsin
MADISON, Wis. – Opportunity Wisconsin Program Director Meghan Roh released the following statement today ahead of President Joe Biden’s visit to Westby, Wisconsin where he will announce the first award of a $7.3 billion nationwide investment in rural power:
“The Biden-Harris administration’s support for working families and communities in every corner of Wisconsin is already transforming our state. With President Biden and Vice President Harris’ leadership, the Inflation Reduction Act is lowering costs, creating jobs, and investing in projects that will help grow Wisconsin’s economy for decades to come. President Biden’s announcement today will support even more rural communities, family farmers, and small businesses to make sure they have the tools they need to succeed.”
Despite the success of the Inflation Reduction Act, Republicans in Congress have continued to oppose it. Congressman Derrick Van Orden, whose district is hosting President Biden today, opposed the Inflation Reduction Act and has voted multiple times to repeal portions of the law. Congressman Bryan Steil voted against the law’s passage and has also supported repealing provisions since it was signed into law. Republicans in Congress should oppose any attempt to repeal or weaken the Inflation Reduction Act.
Additional ways the Inflation Reduction Act has supported Wisconsin include:
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 costs for Medicare recipients, recent data shows more Wisconsinites are already filling prescriptions as medication becomes more affordable. Last month, 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. A report shows nearly two thousand new jobs are being created in Wisconsin. The Inflation Reduction Act’s historic tax credits are boosting manufacturing in the United States and supporting 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.
