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Statements on the Inflation Reduction Act

By David Wildstein, August 07 2022 8:33 pm


“After careful review, it is clear that the Inflation Reduction Act is good for the families and small businesses in northern New Jersey. This bill passes my key test that I’ve pushed for since day one: it does not raise taxes on individuals, families, or small businesses in my District. The Inflation Reduction Act makes no changes to personal income tax rates or those impacting small businesses. That has always been my red line, and it is the key to delivering affordability for our families. In fact, it cuts costs and represents a projected tax cut of more than $550 million for my District — more than $2,000 for every family.

“This legislation is a huge win for New Jersey — it will lower prescription drug prices, especially for seniors, boost domestic manufacturing, provide support for families struggling with the high cost of health insurance, create jobs, and put in place the most important climate investments in our nation’s history.

“The bill is fully paid for, in part, with provisions that go after tax cheats. It will also help pay down the debt — a fiscally-responsible way to get inflation down.

“As for SALT, my line in the sand remains the same. If someone tries to change the tax rates on families in my District, I will insist that we restore the State and Local Tax Deduction. This legislation doesn’t raise taxes on families in my District — it reduces the financial burden on them. For that reason, and for its strong support of the climate, lower prescription drug prices, and job creation, I’ll be voting for it.”


“With the Inflation Reduction Act, Congressional Democrats are showing what we have already proven in Montclair – that responsible fiscal policy and progressive solutions go hand-in-hand. In Montclair we’ve reduced our debt by more than $77M while making critical investments in our future. The Inflation Reduction Act will reduce our national deficit, lower the cost of prescription drugs, protect our environment, and increase our domestic energy production. While Republicans continue to offer zero policies that actually benefit the American people, Montclair is fortunate to be represented by Congresswoman Mikie Sherrill and Congressman Donald Payne who we know will work hard to get this bill over the finish line in the House”

“We all know how high the cost of living is in Northern New Jersey. I ran for Congress to tackle those costs on behalf of the people of the 11th Congressional District. That’s exactly why I’m voting for the Inflation Reduction Act of 2022.

“After three decades of politicians in Washington talking about lowering prescription drug prices, I’m proud to have helped force Congress to actually drive drug costs down and empower New Jersey families as we battle global inflation.

“This bill also invests in the next generation by creating good-paying jobs in clean energy and addressing the climate crisis.

“In cracking down on tax evasion and ensuring that our largest corporations are helping to fund America’s innovation economy, this bill makes the tax code fairer for our middle class families and increases opportunity.

“By investing in the middle class, we are making life more affordable for families in New Jersey. The groundbreaking of the Gateway Tunnel Project, the passage of the CHIPS and Science Act, the strong July jobs report, and the current 50-day streak of lower gas prices at the pump all highlight the impact of our investments in families and communities. I will continue to work to bring costs down even further.

“I will also remain steadfast in my commitment to ensuring that any discussion of reforms to the 2017 tax law begins with addressing SALT. Because this legislation does not raise taxes on families in my district, but in fact significantly lowers their costs, I will be voting for it.”


“It is a historic day for New Jersey families and Americans all across the country. The Inflation Reduction Act will transform the lives of millions by lowering the cost of prescription drugs to help seniors struggling to make ends meet, including provisions I authored like the $2,000 out-of-pocket cap and smoothing provision for Medicare beneficiaries, and strengthening health care access for millions of working-class families by extending subsidies under the Affordable Care Act for three years. Despite the obstruction of the fossil fuel industry, passing this bill is also a historic victory in our fight against climate change, marking the most impactful legislation Congress has ever passed to reduce our greenhouse gas emissions and putting us on a path to reduce emissions by 40% by 2030. This legislation will also close tax loopholes abused by the largest corporations, create millions of good-paying jobs, and cut costs for American families.

“While Republicans tried every obstructionist tactic in their playbook to undermine and weaken this bill at every turn, Democrats stood united and remained singularly focused on delivering a once-in-a-generation investment in American families. This is not a perfect bill – it does not repeal the Republican-imposed SALT cap or reform our broken immigration system – but the benefits of this legislation for New Jersey families cannot be understated.

“Today, Democrats proved yet again we can deliver results for the American people, from our seniors to our small business owners to everyone in between. I will continue working to find a path forward for repealing the SALT cap for hard-working middle-class families and building a more humane and inclusive immigration system for all. My Democratic colleagues and I will never stop working to deliver real substantive solutions to address the most pressing challenges facing our nation.”


“The Inflation Reduction Act is one of the most significant pieces of health care legislation to move through Congress in over a decade. It breaks Big Pharma’s monopoly on prescription drug prices. The bill will lower prescription drug costs for seniors by finally empowering Medicare to negotiate the cost of prescription drugs and capping the amount seniors pay at $2,000 annually. Nearly 20 years ago Republicans prevented the federal government from negotiating fair prices for seniors, and the Inflation Reduction Act reverses that egregious gift to Big Pharma, which will save seniors and Medicare money. This legislation finally levels the playing field and will help ensure seniors are no longer price gouged at the pharmacy counter. It also penalizes Big Pharma companies for unfairly hiking prices on seniors.

 “The Inflation Reduction Act will dramatically lower the cost of monthly health insurance premiums for millions of Americans and provide families with the peace of mind that comes with knowing they have high-quality health care coverage. Five million Americans have gained access to health care coverage over the last two years thanks to Democrats’ efforts to make it more affordable, and I’m pleased that this legislation will extend those efforts for three more years.

 “I’m incredibly proud of the health care provisions in this legislation, many of which were originally drafted and negotiated by me and other health committee leaders in the House and then the Senate. The House acted on this legislative package to reduce costs last November and I’m thrilled that the Senate has passed this transformative legislation. I look forward to supporting the Inflation Reduction Act in the coming days and seeing it signed into law soon.”


“The Senate has taken a historic step forward in the fight against climate change, approving legislation that is the largest investment in clean energy in our nation’s history. It is essential to meeting our emissions targets.

 “The Inflation Reduction Act turns the climate crisis into an opportunity by investing hundreds of billions of dollars to build a 21st century economy powered by clean energy, creating millions of good-paying union jobs while investing $60 billion to address our nation’s shameful legacy of environmental racism.

 “Sens. Cory Booker and Bob Menendez should be commended for their leadership and support of such a transformative piece of legislation. And now that the Senate has acted, we are calling on every single member of New Jersey’s congressional delegation to support the federal climate bill when it comes up for a vote later this week.

 “This is legislation Congress can be proud of, and it is essential to building a prosperous, sustainable future for our state, our nation and our planet.

 “We must seize this historic opportunity to curb climate pollution, invest in renewable energy and boost the economy while lowering energy prices for working families. “

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