UnidosUS Action Fund Applauds Senate Passage of the Inflation Reduction Act (IRA)
August 8, 2022
WASHINGTON, D.C. — Statement from Rafael Collazo, the Executive Director of the UnidosUS Action Fund, on Senate Passage of the ‘Inflation Reduction Act’
Over the weekend, Majority Leader Schumer and Senate Democrats worked – without any Republican support – to pass the Inflation Reduction Act, which makes historic investments to combat climate change, the economy, lowers costs for health insurance and prescription drugs.
This legislation will immediately help Latino families by providing a three-year extension of enhanced tax credits for those who have or want to buy their own insurance on the Affordable Care Act (ACA) marketplaces. By extending these tax credits, millions of American and Latino families would have seen a significant increase in their health premiums at the end of 2022, forcing many to lose their health insurance.
This bill also lowers the cost of prescription drugs for families by placing limits on how much families and Medicare can be charged for vital medicines and caps annual out-of- pocket prescription drug costs at $2,000 for Medicare enrollees starting in 2025.
Finally, we commend Senator Menendez and Senator Padilla in calling on the Senate to vote down harmful anti-immigrant amendments by Republicans to score political points and threaten the bill’s passage.
We urge the House to pass it quickly and send it to the President’s desk.