Thread by @USProgressives

BREAKING: After more than a year of negotiations, the Senate has finally passed a reconciliation bill with every Democrat voting in support.

Our view of the just-passed Inflation Reduction Act 🧵

The Inflation Reduction Act includes many pieces of the House-passed Build Back Better Act to:

✅ Make the largest-ever federal investment in tackling the existential threat of climate change

✅ Lower healthcare costs

✅ Begin to ensure that corporations pay their fair share

We're heartbroken that the care economy, housing, and immigration, and more were left on the cutting room floor — and that Republicans successfully removed insulin price caps for those with private insurance.

But this bill takes real steps forward on key progressive priorities.

This bill will cut carbon emissions by 40% by 2030 through rapidly accelerating the adoption of renewable-energy technologies such as electric vehicles, heat pumps, and solar panels.

These will save the average family $1,025/year in energy costs and create millions of good jobs.

It extends affordable health insurance coverage to 13 million people and caps seniors’ drug costs at $2,000/year, with insulin at $35/month for those on Medicare.

For the first time ever, Medicare can negotiate drug prices, beginning with a small group that expands over time.

The Inflation Reduction Act also:

✔️ Imposes a 15% minimum tax on corporations
✔️ Taxes corporations that inflate their share values through stock buybacks
✔️ Invests in the IRS to go after large corporations that evade taxes.

As President Biden has promised, the Inflation Reduction Act won’t raise taxes on any family making less than $400,000 per year.

We want to be clear:

We do not support the bill’s new provisions that expand fossil fuel leasing.

However, independent analyses show that their limited impact will be far outweighed by the carbon emissions cuts the legislation accomplishes.

We are here today because progressives in Congress and in movements across the country held the line and demanded action on these priorities.

We all played a role in ensuring that the President's economic agenda was drafted and passed through the House.

With @POTUS, we can all take credit for the progress made on our movements’ long standing work:

To push the federal government to act on the climate crisis, take on the greed of Big Pharma, lowering health care costs, and rein in the power of the wealthy and large corporations

This is real progress — and it was all passed in the Senate without a single Republican vote.

We look forward to voting for the Inflation Reduction Act as it comes to the House and sending it to the President’s desk immediately.

Our full release and statement from Chair @RepJayapal can be found online here ➡️

progressives.house.gov/press-releases…