The White House on Wednesday seized on the anniversary of the Inflation Reduction Act going into effect to hit Republicans for their push to repeal portions of the law.
“President Biden signed the Inflation Reduction Act into law one year ago today — an anniversary Americans look at as a day that helped drive down the costs they pay every day,” assistant White House press secretary Robyn Patterson wrote in a memo obtained first by The Hill.
“It’s sad that Republicans view it as another year in which they’ve failed to raise costs on working families to fund their tax cuts for the wealthy,” Patterson wrote.
Wednesday marked one year since President Biden signed the Inflation Reduction Act, a $740 billion law passed with only Democratic votes that included major White House priorities aimed at lowering health care costs and addressing the climate crisis.
The White House memo contrasts the investments made in the year since the law was signed with GOP efforts to roll back certain provisions.
Republicans on the House Ways and Means Committee in June advanced bills to repeal key parts of the law, including tax incentives for clean energy and electric vehicles.
Biden would be sure to veto any successful attempt to repeal his signature law.
The memo also points to a June budget proposal from the Republican Study Committee that called for a roughly $5 trillion tax cut over 10 years, which would largely come from making permanent the cuts passed during the Trump administration that critics have argued exacerbated the federal debt.
The same proposal called for rescinding money allocated through the Inflation Reduction Act to help the IRS crack down on individuals dodging tax laws.
“They continue pushing tax cuts skewed to the rich and big corporations while trying to RAISE taxes and costs for American families,” the White House memo states. “Unlike Congressional Republicans’ proposals, the Inflation Reduction Act cuts taxes and lowers costs for working families.”
The memo pointed to a $35 per month cap on insulin costs for Medicare beneficiaries and up to $7,500 in tax credits for those who purchase a new clean energy vehicle as examples of how the law has helped lower costs.
The memo cites several polls that the White House said show broad support for the Inflation Reduction Act, including a poll released this week from the left-leaning firm Navigator Research that found two-thirds of Americans support the law and roughly 80 percent of Americans support specific provisions, including capping insulin costs for seniors and giving Medicare the power to negotiate lower drug prices.
Other recent polls have shown many Americans say they are not familiar with the Inflation Reduction Act, though they are supportive of specific provisions in the law.
Biden this week took a victory lap on the anniversary of the Inflation Reduction Act’s signing, arguing it has led to billions of dollars in private investment and created hundreds of thousands of new jobs while incentivizing more friendly practices.
“I’m not here to declare victory on the economy … but we have more work to do,” Biden said at a White House event Wednesday. “We have a plan that’s turning things around. The Inflation Reduction Act is a part of that plan.”