The South Carolina Democratic Party today released the following statement regarding the Inflation Reduction Act being signed into law:
Today, President Joe Biden signed the Inflation Reduction Act into law. The new law will help to reduce inflation and lower costs for South Carolina families – and does not raise taxes on anyone making less than $400,000 a year.
“President Biden and Democrats are laser focused on taking on special interests to fight inflation, and the Inflation Reduction Act is going to do just that – lowering costs on everything from prescription drugs to health care to home energy for South Carolina families. While Republicans like Lindsey Graham and Tim Scott sided with Big Pharma and voted against these cost cutting measures, and blocked others that would cap insulin costs, Democrats are tackling Americans' top concerns – and we're doing it by making huge corporations pay their fair share and without raising taxes on anyone making under $400,000,” said South Carolina Democratic Party Chair Trav Robertson, Jr.
Specifically, the Inflation Reduction Act: