Last week, President Biden signed the Inflation Reduction Act with the support of every single Democrat in Congress to create historic investments in Michigan and across the country. These federal investments are the largest ever to tackle the climate crisis, lower health care costs, and ensure the wealthy pay their fair share to level the playing field for future generations in Michigan.
While every single Michigan Republican voted against this legislation to support young Michiganders, here’s how Democrats are delivering for them:
- Tackling the climate crisis: The law would help reduce nearly a gigaton (a billion metric tons) of greenhouse gas emissions by 2030 and position America to meet President Biden’s climate goals of cutting climate pollution in half by 2030 and reaching net-zero emissions by no later than 2050.
- Providing affordable electric vehicles: The law will bring down the sticker price of electric vehicles, providing Americans tax credits of up to $7,500 for new and $4,000 for previously-owned electric vehicle purchases. This measure could especially help young Americans buy their first car and skip the gas pump forever.
- Lowering health care costs: About 13 million Americans will save an average of about $800 annually on health insurance premiums. Young people will also benefit significantly, as more than 3.5 million people ages 18-34 are on marketplace health care plans. Plus, about 3 million more people will have coverage next year with this extension. Although the uninsured rate fell to the lowest level in U.S. history in early 2022, young people ages 18-24 continue to be the most likely to be uninsured.