August 19, 2022

Inflation Reduction Act a win for all

Author: Kara Smith
Source:  NYSUT Communications
inflation reduction act

Chalk up a big win for American citizens. Thanks to advocacy by NYSUT’s national union affiliates, and action by the Biden administration, the Inflation Reduction Act is a reality. The act will improve the lives of students, educators and Americans nationwide by expanding access to affordable health care, bolstering buy American requirements, taxing wealthy corporations and safeguarding our world from climate change.

“This act provides tremendous benefits for all Americans,” said NYSUT President Andy Pallotta noting that the statewide union is committed to advocating on behalf of students and members, and to making strong public schools the center of our communities. “I’m hopeful that this legislation will help pave the way toward greater improvements in public education and healthcare.”

The Inflation Reduction Act:

  • Allows Medicare to negotiate the price of prescription drugs, a change that will save over 60 million seniors an estimated $800 million annually.
  • Extends subsidies for the Affordable Care Act, helping 13 million Americans maintain their healthcare coverage.
  • Bolsters the Buy American Act, which strengthens the American labor movement and creates good union jobs.
  • Requires a minimum 15 percent corporate tax on the nation’s largest corporations, including those who’ve avoided paying any tax before.
  • Provides Americans with cleaner energy and technology through subsidies and programs that reduce utility bills and strengthen our nation’s manufacturing power.
  • Allocates $50 million to combat air pollution in schools.