The publication is reproduced in full below:
BUILD BACK BETTER ACT
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speech of
HON. EARL BLUMENAUER
of oregon
in the house of representatives
Friday, August 12, 2022
Mr. BLUMENAUER. Madam Speaker, I came to Congress with a mission to make the federal government a better partner to local communities to make them more livable, healthy, and economically secure.
Last week, Congress made unprecedented progress on fulfilling the fundamental premise of this mission. The House and Senate both passed the Inflation Reduction Act, a historic investment in our nation's health, climate, and economy, including several provisions I authored to combat the climate crisis. President Biden is expected to sign the legislation into law this afternoon.
The Inflation Reduction Act will save Americans $288 billion on health care over the next ten years. Critically, it will allow Medicare to negotiate prescription drug prices, starting with the ten most expensive prescriptions. These negotiations will bring down costs for patients and taxpayers alike. When combined with new provisions capping Medicare beneficiaries' out-of pocket costs at $2,000 a year, the legislation will make an extraordinary difference in peoples' lives.
This package is the single largest investment in climate action in our nation's history. It will deliver $385 billion in energy and climate investments, including for electric vehicles, solar and wind energy, pollution reduction, and support for the vulnerable communities most impacted by environmental degradation. Long term extensions to the production and investment tax credits, including direct pay and transferability provisions, are critical components in ending our dependence on fossil fuels. I am also pleased that the investment tax credit was expanded to include energy storage projects, a key piece of the puzzle in delivering renewable energy to households at any time of day.
Combatting the climate crisis also means investing in infrastructure that is sustainable and efficient. Clean transportation incentives like an expanded electric vehicle credit for new and used vehicles, an expanded credit to charge e-bikes and e-scooters, and incentives to electrify commercial fleets will help accelerate the reduction of carbon emissions and fossil fuels in our day-to-day activities. Likewise, any construction projects in the 21st century must be made to meet the needs and goals of our communities. That's why I advocated for provisions in this package that make commercial buildings more energy efficient and sustainable.
While working families in our community and across the nation are struggling to pay for basic goods like gas, groceries, and rent, ultra-
wealthy corporations are raking in record profits. Inflation is hitting Americans hard while many corporations aren't paying their fair share. This legislation will enact a corporate minimum tax of 15 percent. Currently, hundreds of the largest corporations in America pay substantially less, or nothing, in taxes. This provision ensures that large corporations will pay a minimum of 15 percent in taxes. The legislation also makes polluters pay by including my legislation reinstating the Superfund tax on crude oil.
It is no secret that the Internal Revenue Service (IRS) is outmatched. Decades of chronic underfunding have left the IRS understaffed and overburdened, allowing hundreds of billions of dollars in taxes owed to go uncollected. This legislation provides $3.2 billion for taxpayer services and $45.6 billion for enforcement, which the Congressional Budget Office estimates will raise more than $200 billion in additional revenue for the federal government. By investing in the IRS, we can finally close the ``tax gap'' between what people owe and what they end up paying.
The Inflation Reduction Act represents more than the sum of these individual provisions, it is proof that our system works and that the United States has the capacity to solve our most pressing challenges in the years ahead.
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SOURCE: Congressional Record Vol. 168, No. 136(1), Congressional Record Vol. 168, No. 136(2)
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