Des Moines – Today, President Joe Biden signed the Inflation Reduction Act into law. The new law will help reduce inflation and lower costs for Iowa families – and does not raise taxes on anyone making less than $400,000 a year.

“President Biden and Iowa Democrats like Congresswoman Cindy Axne are laser-focused on taking on corporate greed to bring down inflated prices, and the Inflation Reduction Act does just that – lowering costs on everything from prescription drugs to health care to home energy for Iowa’s working families,” said Iowa Democratic Party Chair Ross Wilburn

“While Chuck Grassley, Ashley Hinson, Mariannette Miller-Meeks and Randy Feenstra voted against these cost-cutting solutions, and cozied up to Big Pharma by blocking a cap on insulin costs, Democrats are tackling Iowans’ top concerns – and we’re doing it without raising taxes on anyone making under $400,000.”


Specifically, the Inflation Reduction Act:

  • Lowers prescription drug costs by allowing Medicare to negotiate drug prices and capping out-of-pocket costs for seniors to $2,000.

  • Lowers energy costs by hundreds of dollars on average for many families, increases cleaner energy production, and reduces carbon emissions by roughly 40 percent in less than 10 years.

  • Locks in lower health insurance costs by $800 on average for 13 million Americans who get their insurance through the Affordable Care Act exchanges.

  • Fights inflation by reducing the deficit.

  • Makes the tax code fairer by cracking down on the ultra-wealthy and large corporations so they pay their fair share in taxes.

  • Does not raise taxes on families making $400,000 or less and no new taxes on small businesses.