Measure Forces Companies to Pay Taxes to Fund Better Jobs, Health Care

(WASHINGTON) – The Teamsters today are calling on the U.S. Senate to approve a $740 billion reconciliation package that would lower health care costs, modernize the nation’s energy sector, and ensure big businesses pay their fair share in taxes.

The legislation, named the Inflation Reduction Act, is a product of months of negotiations. It invests in manufacturing jobs while improving the lives of workers. At the same time, it also lowers the U.S. deficit by targeting tax increases for the nation’s most profitable corporations as well as high-earning Americans.

“Working people are sick of shouldering the burden of keeping America running since early 2020 while CEOs are counting their cash,” said Sean M. O’Brien, Teamsters General President. “This bill takes steps to reverse that while investing in good jobs and better health care to help families.”            

As part of the bill, the federal government would invest in alternative and domestic energy production that will help lower overall energy prices. Energy independence would be strengthened through tax credits for U.S. manufacturing.

Additionally, the measure fights against the rising cost of employer-provided health plans by keeping drug companies from unnecessarily raising drug prices. It allows Medicare to negotiate prices for certain high-cost drugs while capping annual Medicare out-of-pocket costs.

And large corporations will contribute to U.S. coffers through the creation of a minimum 15 percent tax floor. The government will also invest in additional personnel to go after tax cheats.

Founded in 1903, the International Brotherhood of Teamsters represents 1.2 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and “like” us on Facebook at www.facebook.com/teamsters.

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