{"id":3761,"date":"2023-07-05T06:00:00","date_gmt":"2023-07-05T06:00:00","guid":{"rendered":"https:\/\/uniontrack.com\/blog\/?p=3761"},"modified":"2023-07-17T15:52:08","modified_gmt":"2023-07-17T15:52:08","slug":"inflation-reduction-act-benefits","status":"publish","type":"post","link":"https:\/\/uniontrack.com\/blog\/inflation-reduction-act-benefits","title":{"rendered":"How Workers Benefit From the Inflation Reduction Act"},"content":{"rendered":"\n<p>Ken Green<br>CEO &amp; Founder<br><a href=\"https:\/\/uniontrack.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">UnionTrack<\/a><\/p>\n\n\n\n<p>In August 2022, President Joe Biden signed the <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/5376\/text\" target=\"_blank\" rel=\"noreferrer noopener\">Inflation Reduction Act of 2022<\/a> (IRA) into law.&nbsp;<\/p>\n\n\n\n<p>That law has been widely lauded as a victory for working people because it \u201cputs the interests of working families and retirees before the ultra-wealthy and Wall Street,\u201d asserts the <a href=\"https:\/\/uaw.org\/uaw-statement-support-inflation-reduction-act\/\" target=\"_blank\" rel=\"noreferrer noopener\">United Autoworkers Union (UAW)<\/a>. It does this by:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lowering healthcare costs, which keeps more money in people\u2019s pockets.<\/li>\n\n\n\n<li>Reforming the tax code to make it more equitable while also funding the initiatives of the legislation.&nbsp;<\/li>\n\n\n\n<li>Investing in the growth of clean energy to combat climate change, which will help escalate job creation.<\/li>\n<\/ul>\n\n\n\n<p>Through these efforts, the IRA will achieve its primary goal of combatting the skyrocketing inflation that has devastated the financial stability of working families. \u201cIt will generally work in the right direction and help the Federal Reserve, which has the primary responsibility for getting a hold of inflation,\u201d says <a href=\"https:\/\/www.npr.org\/2022\/08\/11\/1116229743\/inflation-reduction-act-questions-answered\" target=\"_blank\" rel=\"noreferrer noopener\">Shai Akabas<\/a>, director of economic policy at the Bipartisan Policy Center.<\/p>\n\n\n\n<p>Here\u2019s a closer look at the Inflation Reduction Act\u2019s three key initiatives.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">It Saves Working People Money on Healthcare Costs<\/h2>\n\n\n\n<p>Many Americans, especially working-class people, struggle with the rising costs of healthcare, particularly prescription drug costs. One way this bill seeks to combat inflation is to bring those prices under control.<\/p>\n\n\n\n<p>\u201cThe healthcare provisions included in this legislation will reduce costs for working families and retirees,\u201d explains the <a href=\"https:\/\/www.goiam.org\/news\/imail\/machinists-union-pledges-support-for-inflation-reduction-act\/\" target=\"_blank\" rel=\"noreferrer noopener\">International Association of Machinists and Aerospace Workers (IAMAW)<\/a>. It\u2019s a relief sorely needed by millions.&nbsp;<\/p>\n\n\n\n<p>According to research by the <a href=\"https:\/\/www.pgpf.org\/blog\/2022\/11\/how-much-does-the-united-states-spend-on-prescription-drugs-compared-to-other-countries\" target=\"_blank\" rel=\"noreferrer noopener\">Peter G. Peterson Foundation<\/a>, on average, \u201cthe U.S. spends twice as much on prescription drugs as other comparatively wealthy nations.\u201d&nbsp;<\/p>\n\n\n\n<p>That\u2019s largely because drug companies have unchecked control on pricing. \u201cIn the US, we\u2019re unique in letting drug companies basically set their own prices,\u201d says <a href=\"https:\/\/www.cnn.com\/2021\/07\/22\/tech\/prescription-drug-prices-mark-cuban-goodrx-bettermed\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">Andrew Mulcahy<\/a>, senior policy researcher at the RAND Corporation.<\/p>\n\n\n\n<p>The Inflation Reduction Act provides relief to American families \u201cby capping costs for people with Medicare and negotiating some high-cost drug prices,\u201d explains <a href=\"https:\/\/www.goldenstateopportunity.org\/blog\/the-inflation-reduction-act-is-a-win-for-working-families-heres-why\/\" target=\"_blank\" rel=\"noreferrer noopener\">Golden State Opportunity<\/a>. Because of the legislation, \u201cAmericans on Medicare won\u2019t have to spend more than $35 a month on insulin or $2,000 a year at the pharmacy.\u201d<\/p>\n\n\n\n<p>The organization also notes that the bill extends \u201csubsidies for families who earn up to 600 percent of the federal poverty line\u201d to help make healthcare coverage more affordable for more families.&nbsp;<\/p>\n\n\n\n<p>Ultimately, more people will have access to more affordable healthcare coverage and prescription medications, which means more money to spend on other necessities.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"684\" src=\"https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image2-1024x684.jpg\" alt=\"Woman in white helmet working at renewable energy farm; Inflation Reduction Act benefits concept\" class=\"wp-image-3763\" srcset=\"https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image2-1024x684.jpg 1024w, https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image2-300x200.jpg 300w, https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image2-768x513.jpg 768w, https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image2.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">It Makes the Tax Code Fairer for Everyone<\/h2>\n\n\n\n<p>The ambitions of the Inflation Reduction Act will be financed largely by revenues gained from changes in the tax code that reduce pervasive inequalities in tax obligations. The bill tackles a number of different issues on this initiative.&nbsp;<\/p>\n\n\n\n<p>For one, it addresses tax avoidance by large corporations by instituting a minimum corporate tax of 15 percent on corporations that report at least $1 billion in profits. <a href=\"https:\/\/itep.org\/55-profitable-corporations-zero-corporate-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Institute on Taxation and Economic Policy (ITEP)<\/a> reported in 2021 that \u201cat least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year\u201d by taking advantage of tax breaks.&nbsp;<\/p>\n\n\n\n<p>\u201cThere is absolutely no reason that some companies should be able to game the system while others are paying their fair share,\u201d says <a href=\"https:\/\/itep.org\/itep-inflation-reduction-act-will-make-tax-code-fairer-and-reduce-inequality\/\" target=\"_blank\" rel=\"noreferrer noopener\">Amy Hanauer<\/a>, executive director of ITEP. \u201cThe IRA will help get us to a more level playing field.\u201d<\/p>\n\n\n\n<p>The legislation also imposes a new 1-percent excise tax on stock buybacks. It\u2019s common for corporations to return additional profits to shareholders via stock buybacks rather than invest those monies in raising workers\u2019 wages or improving facilities. The excise tax discourages this behavior and puts money in the coffer for IRA initiatives.<\/p>\n\n\n\n<p><br>The IRA also provides $80 million in funding to the IRS over 10 years. This will help the IRS \u201cgo after this giant unpaid tax bill of the wealthiest among us to reduce the federal budget deficit and pay for the investments needed to tame inflation and build a more equitable, and thus much stronger, economy,\u201d notes <a href=\"https:\/\/equitablegrowth.org\/why-the-inflation-reduction-act-is-key-to-strong-broad-based-u-s-economic-growth\/\" target=\"_blank\" rel=\"noreferrer noopener\">David Mitchell<\/a>, director of government and external relations at the Washington Center for Equitable Growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"662\" src=\"https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image1-1024x662.jpg\" alt=\"Automotive technician testing wall charger for EV vehicles; Inflation Reduction Act benefits concept\" class=\"wp-image-3762\" srcset=\"https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image1-1024x662.jpg 1024w, https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image1-300x194.jpg 300w, https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image1-768x497.jpg 768w, https:\/\/uniontrack.com\/blog\/wp-content\/uploads\/2023\/07\/image1.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">It Carves a Path for Job Growth in Clean Industries<\/h2>\n\n\n\n<p>At its core, the Inflation Reduction Act is both a climate change-fighting and a jobs bill.&nbsp;<\/p>\n\n\n\n<p>\u201cThe Inflation Reduction Act\u2019s massive investments to fight the climate crisis will also help improve job quality in clean energy industries and incentivize the expansion of workforce training pathways into these jobs, which will help lift many people into the middle class,\u201d <a href=\"https:\/\/www.americanprogress.org\/article\/the-inflation-reduction-act-provides-pathways-to-high-quality-jobs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mike Williams, Marina Zhavoronkova, and David Madland<\/a> at the Center for American Progress write.<\/p>\n\n\n\n<p>The bill offers significant financial incentives in the form of tax credits to companies that offer good jobs at prevailing wages and registered apprenticeship programs to create a much-needed labor pipeline for the development of the sector. The base tax credit increases from 6 percent to 30 percent for any project that creates at least 1 megawatt of clean power, and meets the prevailing wage and apprenticeship requirements.&nbsp;<\/p>\n\n\n\n<p>Also, clean energy \u201cdevelopers will be eligible for additional benefits if they build renewable projects in low-income or fossil fuel dependent communities, and if they build with American-made materials,\u201d explains <a href=\"https:\/\/wisconsinexaminer.com\/2022\/09\/02\/the-inflation-reduction-act-will-create-climate-jobs-for-wisconsin-workers\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pam Fendt<\/a>, president of the Milwaukee Area Labor Council and a member of Laborers&#8217; Local 113 (LIUNA).<\/p>\n\n\n\n<p>According to an analysis conducted by Political Economy Research Institute (PERI) at the University of Massachusetts for the <a href=\"https:\/\/www.bluegreenalliance.org\/site\/9-million-good-jobs-from-climate-action-the-inflation-reduction-act\/\" target=\"_blank\" rel=\"noreferrer noopener\">BlueGreen Alliance<\/a>, the IRA has the potential to create more than 9 million jobs over the next 10 years. Those estimates break down like this:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>5 million clean energy jobs.<\/li>\n\n\n\n<li>900,000 clean manufacturing jobs.<\/li>\n\n\n\n<li>400,000 clean transportation jobs.<\/li>\n\n\n\n<li>900,000 jobs in efficient building construction.<\/li>\n\n\n\n<li>150,000 environmental justice jobs.<\/li>\n\n\n\n<li>600,000 natural infrastructure jobs.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>\u201cFew pieces of legislation this century have come close to such sweeping potential for good job creation,\u201d writes the BlueGreen Alliance. \u201c&#8230; [t]he bill\u2019s unprecedented investments offer an unparalleled opportunity for workers and communities to capture the economic gains of the growing clean economy.\u201d<\/p>\n\n\n\n<p>So far, the bill seems to be stimulating the clean energy sector as intended. According to data presented by the nonprofit <a href=\"https:\/\/climatepower.us\/wp-content\/uploads\/sites\/23\/2023\/02\/Clean-Energy-Boom-100K-Report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Climate Power<\/a>, as of late January 2023 more than 100,000 clean energy jobs have been created, and 90 new clean energy projects are in development.&nbsp;<\/p>\n\n\n\n<p>\u201cThanks to President Biden\u2019s affordable clean energy plan, businesses are investing in manufacturing like never before, and planning to create good paying jobs in every corner of the country,\u201d says <a href=\"https:\/\/climatepower.us\/resources\/climate-power-launches-new-campaign-highlighting-the-u-s-clean-energy-economic-boom-since-passage-of-inflation-reduction-act\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lori Lodes<\/a>, executive director of Climate Power.&nbsp;<\/p>\n\n\n\n<p>This is positive news for workers who have been struggling to gain access to higher-paying, sustainable jobs. It\u2019s also good news for the unions that support them because it\u2019s an opportunity to organize in an expanding sector.<\/p>\n\n\n\n<p>As unions learn more about how the Inflation Reduction Act impacts workers and how to take advantage of that opportunity, leaders can use a tool like <a href=\"https:\/\/uniontrack.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">UnionTrack\u00ae ENGAGE\u00ae<\/a> to connect with more workers, share information with them, and engage them in conversations.&nbsp;<\/p>\n\n\n\n<p><em>Images used under license from Shutterstock.com.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Biden\u2019s Inflation Reduction Act of 2022 invests in and benefits workers as the keys to expanding the clean energy sector. <\/p>\n","protected":false},"author":3,"featured_media":3764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[9],"tags":[72],"class_list":["post-3761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uniontrack-blog","tag-inflation-redcution-act"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>How the Inflation Reduction Act Benefits Workers<\/title>\r\n<meta name=\"description\" content=\"President Biden\u2019s Inflation Reduction Act of 2022 invests in and benefits workers as the keys to expanding the clean energy sector.\" \/>\r\n<meta name=\"robots\" content=\"index, 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