WASHINGTON – U.S. Rep. Annie Kuster (NH-02) voted to pass the Inflation Reduction Act, sending it to President Biden’s desk to be signed into law. This historic legislation will reduce costs for Granite Staters, tackle climate change, bolster our economy, and reduce the deficit. The bill also includes Rep. Kuster’s bipartisan legislation to eliminate out-of-pocket costs for vaccines for seniors – the Protecting Seniors Through Immunization Act, which she introduced alongside her Republican colleague, Rep. Larry Buschon (IN-08).

The Inflation Reduction Act provides financial relief for families through lower energy and drug costs. This legislation empowers the Secretary of Health and Human Services to negotiate drug prices in Medicare and, for the first time ever, caps the total amount seniors pay out-of-pocket for drugs in Medicare Part D.

“Granite State families need relief from high prices and this legislation is a step toward addressing some of the costs that have put a burden on folks in New Hampshire,” said Rep. Kuster. “This transformative legislation will lower health care costs for Granite Staters, combat climate change, and strengthen our economy while reducing the deficit and ensuring the wealthiest corporations pay their fair share in taxes. The bill also accomplishes a long-term priority of mine by empowering Medicare to negotiate drug prices – a truly historic step.”

“I’m proud that my bipartisan legislation to support Granite State seniors and lower their health costs – the Protecting Seniors Through Immunization Act – was included in the package we passed today,” Rep. Kuster continued. “This bill will ensure access to life-saving vaccinations for Medicare recipients with no out-of-pocket costs. Passage of the Inflation Reduction Act will have a far-reaching positive impact on millions of Americans for generations to come, and I look forward to the president signing this bill into law.”

The Inflation Reduction Act takes historic action to lower costs for Granite Staters, create millions of good-paying jobs, dramatically reduce the deficit, and address the climate crisis. The bill:

• Lowers prescription drug prices: finally enables Medicare to negotiate the price of prescription drugs, prevents excessive price hikes, and caps out-of-pocket costs to $2,000.

• Lowers the cost of health care: reduces the cost of health care for millions by extending ACA subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year.

• Lowers energy costs and delivers largest-ever climate action: invests in domestic energy production and manufacturing, while reducing carbon emissions by roughly 40 percent by 2030 with historic investments in energy security and tackling the climate crisis.

• Lowers the deficit and helps fight inflation: makes a historic down payment on deficit reduction of approximately $300 billion to fight inflation.

• Reduces health costs for seniors: includes Kuster’s bill to ensure Medicare beneficiaries receive CDC-recommended vaccinations with no out-of-pocket costs.

•••

The Inflation Reduction Act is fully paid for. The bill:

• Makes the biggest corporations and ultra-wealthy pay their fair share: is paid for by strengthening IRS enforcement against wealthy tax cheats, closing tax loopholes exploited by the wealthiest few, and implementing a 15 percent corporate minimum tax – which applies only to the 150 corporations earning over $1 billion in profits that pay less than 15% in taxes.

• Includes NO new taxes on families making $400,000 or less and NO new taxes on small businesses: Not one middle-class person filling out their taxes will find that they are facing higher taxes or higher tax rates.

Rep. Kuster’s Protecting Seniors Through Immunization Act was included in the Inflation Reduction Act – this provision eliminates out-of-pocket costs for vaccines covered under Medicare Part D. Immunization coverage currently varies by vaccine under Medicare, and this legislation would provide Medicare beneficiaries access to all recommended vaccines at no additional cost, including shingles and tetanus, diphtheria, and pertussis (Tdap).

Newsletter