Inflation Reduction Act’s success shows the importance of holding corporations accountable and building an economy that supports working families

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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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Medicare announces significant price reductions following first negotiations with drug companies

FOR IMMEDIATE RELEASE
THURSDAY, AUGUST 15, 2024
CONTACT: press@opportunitywisconsin.org

Medicare announces significant price reductions following first negotiations with drug companies

Thanks to the Inflation Reduction Act, Wisconsin seniors will save money on 10 commonly prescribed medications

MADISON, Wis. – Earlier today the Biden-Harris administration announced the results of Medicare’s price negotiations with drug companies, which was made possible thanks to the Inflation Reduction Act. The announcement details significant savings for many commonly prescribed medications, with $1.5 billion in expected out-of-pocket savings in the first year of the program alone. Of the 10 drugs subject to negotiation, the price of 9 of them will be discounted by more than 50% for patients. You can see a full breakdown of discounts secured for each medication here. 

“Thanks to the Biden-Harris administration and Democrats in Congress, Wisconsin seniors will see significant savings on the prescriptions they need,” said Opportunity Wisconsin Program Director Meghan Roh. “After years of skyrocketing prescription drug costs, the Inflation Reduction Act is helping lower costs and holding big drug companies accountable. It’s more important than ever that Congress protects the progress we’ve made instead of attempting to repeal the Inflation Reduction Act.”

According to the Department of Health and Human Services, tens of thousands of Medicare Part D recipients in Wisconsin will benefit from lower prescription drug prices thanks to this successful negotiation. For example, more than 67,000 enrollees in Wisconsin are currently prescribed Eliquis, a common blood thinner used to treat heart conditions. Currently, these individuals pay an average of $534 out-of-pocket, but the newly negotiated price for the same 30-day supply of the drug is $231.

Along with giving Medicare the ability to negotiate for lower prescription drug prices, the Inflation Reduction Act has taken additional steps to lower costs for seniors, including capping insulin costs at $35 per month, implementing new protections against price gouging, and capping out-of-pocket prescription costs.

Wisconsin Congressman Bryan Steil voted against the Inflation Reduction Act and both Steil and Congressman Derrick Van Orden have taken multiple votes to repeal many of the law’s provisions that are already benefiting Wisconsinites. Steil also belongs to the Republican Study Committee, which released a proposed federal budget to fully repeal the Inflation Reduction Act’s prescription drug provisions.

The initial ten drugs included in price negotiations are Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, Stelara, and NovoLog/Fiasp. Lower prices will go into effect on January 1st, 2026 and the administration will announce the list of prescription drugs to be included in the next round of negotiations early next year.
 

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Two years after CHIPS and Science Act signing, major investments are growing Wisconsin’s economy

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FRIDAY, AUGUST 9, 2024
CONTACT: press@opportunitywisconsin.org

Two years after CHIPS and Science Act signing, major investments are growing Wisconsin’s economy

CHIPS and Science Act, championed by Senator Baldwin and Democrats in Congress, is creating Wisconsin jobs, lowering costs, and investing in our state

MADISON, Wis. – Opportunity Wisconsin Program Director Meghan Roh released the following statement on the second anniversary of President Biden signing the CHIPS and Science Act into law:

“Thanks to the CHIPS and Science Act, which was championed by Senator Baldwin and Democrats in Congress, major investments are already transforming Wisconsin’s economy. The CHIPS and Science Act has helped spur billions of dollars in investments in our state, creating tens of thousands of new highly skilled jobs, and securing funding that will help Wisconsin be a national leader in innovation and cutting-edge industries.”

Last month Wisconsin was designated as a national Tech Hub, a program included in the CHIPS and Science Act. Along with $49 million in investments, this program is projected to create more than 30,000 jobs and over 111,000 indirect jobs over the next decade, as well as $9 billion worth of economic development are projected with the designation.

The CHIPS and Science Act has also supported investments by leading tech companies. Earlier this year, Microsoft announced it would invest $3.3 billion on the former Foxconn site near Racine to create a new AI data hub. 

More information on the CHIPS and Science Act and key programs included in the law is available here.

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ICYMI: Congress starts August recess early after extreme Republican-backed proposals stall spending bills

Republican proposals including cuts to food assistance and keeping credit card fees high force Congress to adjourn until September

MADISON, Wis. – In case you missed it, Congressional Republicans announced they are beginning their August recess today, adjourning until September after extreme Republican-backed proposals stalled progress on multiple spending bills.

Multiple appropriations packages have failed to even be brought up for a vote after extreme Republican proposals have eroded support from both Democrats and Republicans, despite Speaker of the House Mike Johnson’s previous pledge to pass all appropriations bills before recess. Earlier this week, Republicans pulled a vote on their Financial Services spending bill from the floor, in part because of opposition to the bill’s significant cuts to consumer protections, including gutting funding for the Consumer Financial Protection Bureau and removing a proposed cap on high credit card fees. 

Progress on the new Farm Bill has also been delayed indefinitely, following criticism of drastic cuts to food assistance programs that would raise costs for Wisconsin families. Congressman Derrick Van Orden previously supported these cuts, voting to advance the Farm Bill out of committee last month.

With seven appropriations bills remaining to be passed, Congress will have just weeks to take action once they return in September before facing a government shutdown or passing another continuing resolution.

“Thanks to extreme Republican-written proposals, Congress remains gridlocked and dysfunctional. That means working families, family farmers, small businesses, and more are left without the ability to plan ahead and prepare for the future,” said Opportunity Wisconsin Program Director Meghan Roh. “Members of Congress need to start prioritizing policies that help Wisconsin families succeed, and look for ways to grow the middle class and make our economy stronger.”

Roll Call: House lawmakers to start summer break Thursday morning

House leaders canceled votes scheduled for next week as the GOP majority struggles to pass its fiscal 2025 appropriations bills.

The decision to scrap next week’s session came a day after Republican leaders had to yank the Energy-Water spending bill from the floor amid growing doubts they could muster enough votes to pass it with their razor-thin majority.

Democrats have been marching in lockstep against the GOP-written spending measures, and some Republicans signaled Tuesday night they might oppose the Energy-Water bill amid concerns over Energy Department permitting standards and a Georgia port expansion project, among other things.

Rep. Chuck Fleischmann, R-Tenn., chair of the Energy-Water Appropriations Subcommittee, said his bill won’t be brought back to the floor until September at the earliest, as the House prepares to leave town after Thursday morning votes for an extra-long August recess.

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Punchbowl News: Congress limps into August

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The House will adjourn today until mid-September with only five of the 12 annual spending bills passed — and those on party-line votes. The Senate will be gone after next week. It hasn’t passed any spending bills, although the Senate Appropriations Committee is marking up several bills today.

Lawmakers will need to pass a CR when they come back in September in order to avoid a government shutdown at the end of the month. House GOP conservatives want to attach the SAVE Act — a bill requiring proof of citizenship to vote in federal elections — to that CR and dare Senate Democrats to shut down the government five weeks before Election Day, but we doubt they can really make it happen.

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After 13 years of cracking down on corporations, the Consumer Financial Protection Bureau is still under threat from House Republicans

Republican proposals would cut funding from the CFPB and block rules that would save working families money

MADISON, Wis. – As the Consumer Protection Financial Bureau (CFPB) marks 13 years of combating corporate greed, Republicans in Congress continue to undermine the bureau by attempting to strip funding and block rules that will save working families money.

With an overwhelming majority of Americans in support of increased efforts to crack down on corporate price gouging, the CFPB has been a critical component of the federal government’s efforts to hold corporations accountable since it was established 13 years ago. Despite its success, Republicans in Congress have proposed multiple laws to weaken or eliminate the bureau:

The latest budget proposal from the extreme Republican Study Committee, which Congressman Bryan Steil is a member of, eliminates the CFPB entirely. As a member of the House Financial Services Committee, Steil also voted to block a new CFPB rule to cap credit card late fees. Recently, Republicans have even  advanced a bill to remove additional funding from the CFPB, restructure the agency, and protect credit card companies by allowing them to continue charging high fees.

“Working families already do everything they can to stretch their hard-earned money, the last thing they should have to worry about is being taken advantage of by big corporations and credit card companies,” said Opportunity Wisconsin Program Director Meghan Roh. “The Consumer Financial Protection Bureau is a valuable resource that saves Wisconsinites money, holds corporations accountable, and helps strengthen our economy. Congressmen Bryan Steil and Derrick Van Orden must oppose any effort to weaken it, including the current proposals in front of Congress.”

New tool lets Wisconsinites explore how Biden Administration policies are lowering costs and supporting working families

Savings Explorer tool highlights savings made possible by the Inflation Reduction Act and other key initiatives 

MADISON, Wis. – The White House has released a new tool giving Wisconsinites the ability to see how policies championed by the Biden administration and Democrats in Congress are already lowering costs and providing significant savings to working families, seniors, and more.

“Today, Wisconsinites are already benefiting from new economic policies that let working families and seniors keep more of their hard-earned money,” said Opportunity Wiscosnin Program Director Meghan Roh. “Whether it’s lowering health care premiums, making prescription drugs more affordable, or making it easier for families to afford child care, these policies are strengthening our economy and growing the middle class.”

The Savings Explorer tool is available online here and walks visitors through key savings in categories including health care, clean energy, student loans, junk fees, and basic necessities. Some examples of savings that can be compiled using the new tool include:

• Average savings of $800 per person per year thanks to expanded tax credits for those who purchase health insurance policies through the insurance marketplace.

• $500 per year in average savings for a Medicare enrollee on insulin thanks to the new $35 cap on monthly costs.

• New tax credits for making energy efficient improvements to homes, which also lower long-term energy costs while improving health and safety.

• New Consumer Financial Protection Bureau rules to cap overdraft fees and excessive credit card late fees.

• Families who are eligible can save an average of $2,400 per year on child care thanks to a new cap on costs for qualifying families.

• An average of $900 per year in savings for homebuyers and homeowners with a Federal Housing Administration-insured mortgage.

Making Working Families Wealthier: Reps. Bryan Steil and Derrick Van Orden should reject GOP tax scam and handouts to the ultra-rich

Economic policies that prioritize working families, small businesses, and seniors will make Wisconsin stronger and help our communities grow

MILWAUKEE, Wis. – As Congressmen Derrick Van Orden and Bryan Steil join Republican leaders from across the country in Milwaukee this week, they have an opportunity to speak out against disastrous tax proposals that give billions in new handouts to the ultra-wealthy and big corporations, while asking working families to shoulder more of the burden.

Currently, Congress is debating a costly extension of Trump-era tax policies that have primarily benefited those at the top. New estimates show that extending portions of the Republican tax law could cost $4 trillion through 2034 – a jump of more than 50% from previous estimates by experts. 

Both Congressman Steil and Congressman Van Orden have co-sponsored legislation to permanently extend provisions from that law that would continue massive handouts to those at the top. Congressman Bryan Steil is a co-sponsor of H.R. 976 – which would give the richest 1% of Americans a $44 billion tax cut in 2026 alone. Both have also co-sponsored H.R. 4721 – a permanent extension of a major loophole that make it easier for owners of large, successful businesses to avoid paying their fair share.

While working to secure even more tax breaks for those at the top, Steil and Van Orden have also supported making it easier for wealthy tax cheats to avoid paying what they owe. Last week the IRS announced that thanks to additional funding from the Inflation Reduction Act, they’ve recovered more than $1 billion from millionaires who owed at least $250,000 in unpaid taxes. Steil and Van Orden have both opposed the Inflation Reduction Act and since its passage they have voted to strip funding that made this crackdown on wealthy tax cheats possible.

“With all eyes on Wisconsin this week, Congressmen Bryan Steil and Derrick Van Orden have the opportunity to finally speak out against these disastrous tax policies and fight for economic proposals that support working families instead,” said Opportunity Wisconsin Program Director Meghan Roh. “Wisconsinites expect them to support policies that help working families keep more of their hard earned money, help small businesses hire more employees, and help parents afford basic necessities like child care – that’s how we can make families wealthier and give them every opportunity to succeed.”

IRS recovers $1 billion from millionaire tax cheats thanks to Inflation Reduction Act funding

Wisconsin Congressmen Bryan Steil and Derrick Van Orden both opposed funds to crack down on the ultra-wealthy who refuse to pay their fair share

MADISON, Wis. – Today the IRS announced it has recovered $1 billion from millionaires who previously owed at least $250,000 in unpaid taxes. This was made possible thanks to funding in the Inflation Reduction Act, which has given the agency more resources to hold the ultra-wealthy accountable for not paying their fair share.

“Working families and small business owners across Wisconsin follow the rules, pay their taxes, and support their communities – there’s no reason why the ultra-wealthy shouldn’t do the same,” said Opportunity Wisconsin Program Director Meghan Roh. “Thanks to the Inflation Reduction Act, wealthy tax cheats are finally being held accountable. This milestone shows that these additional resources and programs are working. More than ever, we need our members of Congress to support the Inflation Reduction Act and reject any attempts to repeal it.”

According to the IRS, the $1 billion recovered is part of a crackdown on 1,600 individuals with incomes over $1 million per year who owed more than $250,000. Additionally, the IRS has increased enforcement on large corporations and partnerships, as well as personal use of private jets owned by large corporations. 

Wisconsin Congressman Derrick Van Orden opposed the Inflation Reduction Act and Congressman Bryan Steil voted against the law. In one of their first votes of the 118th Congress, Van Orden and Steil both voted to repeal this funding to hold tax cheats accountable, and have since taken multiple votes to remove this and other provisions of the Inflation Reduction Act.