News | Press Releases

Democratic Party of Oregon Applauds President Biden Signing Inflation Reduction Act Into Law

August 16, 2022

For Immediate Release
Contact: Eddie Kurtz, [email protected] and (503) 883-8887

Today, lower costs for Oregon families will be the result of the Inflation Reduction Act. Signed into law by President Biden, the bill will reduce inflation, make the largest clean energy investment in American history, and not raise taxes on anyone making less than $400,000 a year.

This victory for Oregonians is only possible thanks to the leadership of Oregon’s Congressional Democrats, including Sen. Ron Wyden, who played a major role in writing the bill and – according to PBS NewsHour reporter Lisa Desjardins – worked with his staff to fix a critical, last minute issue only hours before the final Senate vote.

“This is huge! It’s a proud day to be an Oregon Democrat. Sen. Wyden, Sen. Merkley, and our entire Democratic House delegation took on special interests to fight inflation, and the Inflation Reduction Act is going to do just that – lowering costs on everything from prescription drugs, to health care, to home energy for Oregon families.

“While EVERY Republican sided with Big Pharma and voted against these cost cutting measures, and blocked others that would cap insulin costs, Democrats are tackling the top challenges that face Oregon families – and we’re doing it by making huge corporations pay their fair share and without raising taxes on anyone making under $400,000,” said KC Hanson, Chair of the Democratic Party of Oregon.

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.