The Inflation Reduction Act (IRA), signed into law earlier this week, passed Congress with a fully yellow vote in both the Senate and House - with all Democrats voting in favor and all Republicans voting against. Despite this straight party-line vote, the IRA contains several provisions that are supported by a majority of Republicans (and independents), as well as Democrats.
Reducing the budget deficit is supported by 73% of Republicans, 72% of independents and 74% of Democrats. According to the nonpartisan Congressional Budget Office, the law is expected to reduce the deficit by more than $300 billion over the next decade.
Two items impacting the cost of prescription drug benefits for seniors are also PURPLE, as they are supported by 68% of Republicans and even higher percentages of independents and Democrats:
The IRA will allow Medicare to negotiate prices with pharmaceutical companies on 10 drugs in 2026, increasing by 15 drugs per year in 2027 and 2028 and another 20 in 2029.
The law also caps individual out-of-pocket costs for prescriptions under Medicare Part D at $2,000 per year in 2025 and caps insulin copays at $35 per month starting in 2023.
An additional two tax provisions -- a 15% minimum tax on large corporations and tax credits for consumers with renewable household energy sources -- qualify as LAVENDER (almost purple) with support from a majority of Democrats and independents but slightly less than 50% support from Republicans. However, more Republicans support these provisions than oppose them (with the balance being "don't know or no opinion.").
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