Senate Democrats Pass Bill that Reforms Corporate Taxes, Confronts the Climate Crisis and Lowers Prescription Costs

Senate Democrats Pass Bill that Reforms Corporate Taxes, Confronts the Climate Crisis and Lowers Prescription Costs

No Republican Supports Bill Which Tackles Issues Facing New Mexico Families

Sunday, August 7th, Senate Democrats passed a historic bill that confronts some of the most pressing problems faced by working Americans. The Inflation Reduction Act, which did not receive a single Republican vote, was supported by every Senate Democrat including New Mexico Senators Martin Heinrich and Ben Ray Luján. Vice President Kamala Harris cast the tie-breaking vote to pass the bill.

This bill delivers on many of the Democrats’ and President Biden’s legislative priorities that will fight inflation and lower costs. Some provisions of this bill include:

  • Investments in clean energy infrastructure and implementation with tax credits and funding for energy projects that will create thousands of clean energy jobs.
  • A new tax on large corporations and other provisions to increase tax fairness.
  • Lowering costs on prescription drugs by allowing Medicare to negotiate lower prices.
  • Lowering health insurance costs for millions of Americans by extending expanded Affordable Care Act subsidies.
  • Reducing the deficit and combating inflation.

“The provisions of The Inflation Reduction Act are Democratic priorities, and I’m proud that the Senate Democrats, including our Senators Heinrich and Luján, negotiated a bill which will protect our environment, place a very reasonable tax on large corporations, and help working Americans afford healthcare and prescriptions,” said Democratic Party of New Mexico Chair Jessica Velasquez. “It is a shame that not a single Republican voted for this bill to help their fellow Americans.”

“The United States Senate just took the single greatest action to change the trajectory of the climate crisis. We are fighting inflation, lowering health care and prescription drug costs, and finally making the tax code fairer so it’s no longer rigged in favor of corporations and the ultra-rich,” said Senator Martin Heinrich. “Throughout this whole process, I have been especially focused on policies and investments that will really lower costs for families in my home state and move the needle on climate while accelerating the widespread deployment of clean, affordable, and electric technologies.”

“With the passage of the Inflation Reduction Act, Senate Democrats delivered on our promise to the American people to tackle the climate crisis, lower prescription drug costs, and invest in our communities. These investments will help uplift New Mexico families, keep our economy moving in the right direction, and protect our planet for generations,” said Senator Ben Ray Luján. “Specifically, this legislation will address drought, support our National Labs, and lower energy costs — among other measures that will benefit New Mexico. After passing legislation to support innovation and competition, expand health care for veterans exposed to toxins, and address gun violence, Senate Democrats are making it clear that having a Democratic majority matters.”

It now heads to a vote in the House before heading to the President’s desk.

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