Two Years On, Inflation Reduction Act Lowers Costs for Arizonans While Combating Corporate Greed
Landmark Law is Strong Policy Foundation for Additional Action to Take on Corporate Greed and Lower Prescription Drug Costs for Everyone
PHOENIX — On the second anniversary of the enactment of the Inflation Reduction Act, the law is delivering for Arizonans while holding corporate and wealthy tax cheats accountable.
Thanks to the Inflation Reduction Act:
Arizona seniors are already paying less for their prescription drugs thanks to caps on insulin and out-of-pocket costs, and those savings will expand after this week’s announced price negotiation on some of the most expensive and heavily prescribed medications
Arizona homeowners, small businesses, nonprofits, and houses of worship can access cost-saving tax credits to cover 30 percent of the cost of solar panel installation
Arizonans can receive tax credits to cover up to 30 percent of the cost of energy efficient appliances
Arizonans can receive tax credits to purchase clean electric vehicles
Arizonans can enjoy cost-saving subsidies to afford ACA Marketplace health care coverage
At the same time, the Inflation Reduction Act increased funding to allow the IRS to go after wealthy and corporate tax cheats who often use complicated filings to avoid paying their fair share. Studies find that this funding has allowed them to recoup $12 for every $1 in investment, and as a result the IRS has already collected over $1 billion in back taxes from wealthy tax cheats.
“The Inflation Reduction Act is living up to its promise to lower costs and make sure that corporations and the wealthy pay their fair share, but there’s still work to be done to take on corporate greed and make prescription drugs more affordable,” said Andrea Moreno, executive director of Honest Arizona. “Arizonans need our elected leaders to support the Inflation Reduction Act and expand on its legacy by continuing to take on corporations and doing even more to lower prescription drug costs for everyone.”
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