FACT SHEET: Two Years In, the Inflation Reduction Act is Lowering Costs for Millions of Americans, Tackling the Climate Crisis, and Creating Jobs | The White House

The Inflation Reduction Act is a key part of the Biden-Harris Administration’s Investing in America agenda.

It has driven the fastest and most equitable recovery on record creating good-paying jobs, expanding opportunity, and lowering costs in every corner of the country.

Visit the White House Savings Explorer to see how Americans are saving money on their annual expenses.

The Inflation Reduction Act capped insulin costs at $ 35 for a month ’s supply and making recommended adult vaccines free.

Drug companies that increase prices faster than inflation now have to pay a rebate to Medicare .

Next year , out of pocket drug costs will be capped at $ 2,000 per year for Medicare beneficiaries, which is expected to save 19 million seniors an average of $ 400 per year.

55 of the biggest corporations in America paid $ 0 in federal income tax on $40 billion in profits in 2020 .

By making large corporations pay more of their fair share, the IRA will raise around $300 billion over a decade.

The Inflation Reduction Act also makes a historic investment in modernizing the IRS , providing funding to better taxpayer experience, reduce fraud and upgrade critical technology infrastructure.