Two years ago this month, the Inflation Reduction Act became law.
Congressional Democrats and the Biden Harris administration championed this bill because we need an economy that works for working families. The COVID-19 pandemic hurt our country, affecting jobs and stretching our health care system.
With the pandemic behind us, we are working towards a system that is better than before — addressing Black disparities in health and wealth through targeted measures like the Inflation Reduction Act. This landmark legislation is so impactful because it tackles both economic and health disparities that have hurt Black Americans over generations.
Black Americans were disproportionately impacted by the pandemic. From March 2020 to January 2023, the virus hospitalized Black individuals at 2.1 times the rate of white Americans and Hispanic individuals at a rate of 1.8.
Economically, nearly half of Black adults said the economic impact of the pandemic would make achieving their financial goals harder in the long term.
Since President Biden took office, the health care uninsured rate has reached a new historic low: 8% and 5.2 million Americans have gained health insurance coverage. The Inflation Reduction Act continues the American Rescue Plan’s more generous Affordable Care Act premium tax credits.
Plus, the Inflation Reduction Act did what some thought was impossible: it capped the price of insulin at $35 a month for those on Medicare. This is huge, and I’ve personally spoken to Indianapolis residents who say this is saving them thousands of dollars.
We’re also addressing the Black maternal mortality crisis by urging states like Indiana to extend Medicaid post postpartum coverage from 60 days to 12 months so Black mothers and families can get the care they need to stay healthy. This administration is investing in the pipeline for more minority health professionals: to hire, train and deploy more diverse individuals to provide culturally competent care, including doctors, certified nurse midwives, doulas and community health workers to support minority women during pregnancy, delivery and postpartum.
These measures are critical to lowering costs and making health care more accessible to all Americans, especially in disadvantaged communities. But we don’t stop there.
Another major public health threat to communities of color is climate change. Air pollution in many communities is a real threat, which is why the Inflation Reduction Act funds a range of programs to reduce air pollution, upgrade affordable housing to reinforce infrastructure against climate impacts and increase water and energy efficiency.
It’s also creating new clean energy jobs. And out of 140,000 new clean energy jobs created due to the Inflation Reduction Act — including electricians, mechanics, construction workers, technicians, among others — 85,000 of them went to communities of color.
This month, we broke ground on 4 miles of new, safer gas pipelines in Indy’s Eastside neighborhoods, to help lessen harmful emissions and unseen pollution from underground pipelines. We know that too often, our communities suffer higher rates of asthma and other respiratory problems. A $7 million dollar grant for infrastructure improvements from this administration are helping to fix long neglected issues.
Bringing down inflation and lowering costs don’t have to come at the expense of average taxpayers. In fact, the Inflation Reduction Act takes a critical step forward in making our tax code fairer by ensuring the highest-income earners and large corporations pay the taxes they already owe.
If you have to pay your taxes, so should the ultra-wealthy.
The IRS has already collected over $500 million in unpaid taxes from 1,600 millionaires using resources from the Inflation Reduction Act — money being brought back to you. And no family making less than $400,000 per year will see their taxes go up by a single cent.
The Inflation Reduction Act also lowered costs for small businesses, with several provisions that will save small business owners money. Small businesses can receive a tax credit that covers 30% of the cost of switching over to low-cost solar power — lowering operating costs and protecting against the volatile energy prices that are currently squeezing small businesses.
Plus, small business owners can deduct up to $1 per square foot of their business for making high energy efficiency upgrades. The per square foot deduction is boosted if the efficiency upgrades are completed by workers who are paid a prevailing wage — helping businesses save money and provide good paying jobs.
These are all examples of monumental progress for our country. It doesn’t mean we’re done fighting — but it does mean we’re on the right track.
We can and will address the many challenges our community faces. Two years in, the Inflation Reduction Act has made monumental progress towards a stronger, healthier future, and there’s much more to come.
