Progressive Groups Tout Benefits of Inflation Reduction Act for NV
Monday, August 29, 2022
Progressive groups are praising the newly passed Inflation Reduction Act, saying it will save many families thousands of dollars a year and make significant progress in the fight against climate change.
The bill would cap insulin prices at $35 a month and benefit more than 22,000 Nevadans, according to the Kaiser Family Foundation.
Margarida Jorge, executive director of Health Care for America Now, said it means fewer people will resort to rationing.
"The consequences of rationing for a lot of people that take medicines that they need to keep them alive, is a heart attack," Jorge asserted. "We are living in the richest country in the world, and we have had people die because they cannot procure affordable insulin."
Opponents of the bill cited concerns about the cost. However, its proponents say the legislation is expected to lower the federal deficit by more than $300 billion, paid for by raising taxes on corporations.
Annette Magnus, executive director of the group Battle Born Progress, noted the new law also extends subsidies to lower the monthly premium on many health plans.
"And over 91,000 Nevadans will save monthly on health insurance premiums now with the Affordable Care Act," Magnus pointed out.
Emily Gee, vice president and coordinator of health policy at the Center for American Progress, said the Act allows Medicare to negotiate for lower prices on commonly-used prescription drugs, and caps the amount people pay each year at $2,000.
"On average, Nevadans who will benefit from this cap are spending currently about $1,300 more than the cap," Gee reported. "There will be substantial savings for those families who use high-cost drugs."
The Inflation Reduction Act also makes a multi-billion-dollar investment in the fight against climate change, by funding drought relief, wildfire reduction programs, and equity measures to reduce pollution in underserved areas.
Angelyn Tabalba, communications director of the Nevada Conservation League, appreciates the effort to make electric vehicles more affordable.
"So, the IRA is going to provide those tax credits again, for about $7,500 off the purchase of a new EV, and then, $4,000 off the purchase of a used EV," Tabalba outlined.
The Act also includes measures to promote higher-efficiency home appliances and boost solar and wind power.
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