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Policy Memo
Topline
The Biden-Harris IRA has been an abject disaster for the American people, particularly senior citizens and those most reliant on new drugs getting to market. 2/3rds of Americans say IRA has not helped them.
For more information, please contact AAF Policy Director John Shelton at jshelton@advancingamericanfreedom.com
AAF: The Biden-Harris Inflation Reduction Act (IRA)
is Devastating Seniors
TOPLINE: The Biden-Harris IRA has been an abject disaster for the American people, particularly senior citizens and those most reliant on new drugs getting to market. 2/3rds of Americans say IRA has not helped them.
BACKGROUND: IRA passed in August of 2022 without a single Republican vote. President Biden told the American people that the IRA would lower inflation and fight climate change. The opposite has turned out to be true. IRA helps the Chinese Communist Party, not the American People. • IRA provides green tax credit subsidies to CCP-aligned companies.
o Dig Deeper: AAF Executive Director Paul Teller and Rep. John Moolenaar op-ed. o Gotion Inc., a company affiliated with the CCP, may qualify for IRA tax credits. IRA’s cost has almost tripled from initial predictions. • The CBO first predicted that the IRA would cost $391 billion over 10 years. • Today, IRA is predicted to cost closer to $1 trillion over 10 years. • Goldman Sachs estimates that uncapped tax credits will cost $1.2 trillion, 3x initial estimates. IRA is devastating America’s seniors and pharmaceutical industry: • Medicare prescription drug insurance premiums by more than 20% because of IRA. • IRA took $300 BB from Medicare to fund President Biden’s wish list items. • A 95% tax - IRA allows government price setting for certain drugs resulting in less drugs
o 2/3rds of all new drugs originate in the USA. Under IRA price controls, if companies
refuse to comply with government price setting, they could have to pay up to a 95% tax on the gross sale of these new drugs. • Spends $3 billion to empower government healthcare administrators and bureaucrats rather
than hire actual caregivers. BOTTOM LINE: The Biden-Harris IRA is undermining the American people’s way of life and should be repealed by the next unified conservative government. If spending money that we do not have tamed inflation and fixed the alleged climate crisis, maybe the Biden-Harris IRA would have had a chance to succeed.