Padilla Statement on Passage of Historic Inflation Reduction Act
WASHINGTON, D.C. — U.S. Senator Alex Padilla (D-Calif.), member of the Senate Budget and Environment and Public Works Committees, released the following statement on the passage of the Inflation Reduction Act of 2022 in the Senate:
“Today, Senate Democrats delivered on bold and transformative legislation that will lower costs for working families and make the largest investment in history to combat the climate crisis. I’ve worked closely with my Senate colleagues to ensure the Inflation Reduction Act builds on California’s climate leadership by putting our country on a path to dramatically reduce emissions over the next decade, while lowering energy costs and improving air quality in disadvantaged communities. The bill also includes billions of dollars that I helped secure to address catastrophic wildfires and historic drought in the West – with priority given to the Colorado River Basin and inland water bodies like the Salton Sea.
“Importantly, the Inflation Reduction Act will bring down the cost of life-saving medications, because no one should have to choose between affording health care or paying their rent or mortgage.
“And it will reduce the deficit by making sure that billion-dollar corporations pay their fair share in taxes. With the passage of this historic legislation, Democrats are delivering on longtime promises and investing in the safety and prosperity of our communities.”
By investing approximately $369 billion over the next ten years in energy security, environmental justice, and climate change programs, the Inflation Reduction Act of 2022 will lower carbon emissions by roughly 40 percent by 2030. These measures will also create good-paying, green economy jobs and keep down energy costs for consumers. In addition, this legislation will reduce prescription drug costs and health care premiums, ensuring American families maintain accessible and affordable health care.
The Inflation Reduction Act will be funded by requiring large, profitable corporations to finally 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. Economic and policy experts agree that this legislation will effectively fight inflation and reduce the federal deficit.
A California one-pager on the Inflation Reduction Act is available here.
For full text of the bill, click here.