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8/4/2022 Statement from Former Treasury Secretaries on Inflation Reduction Act | U.S. Department of the Treasury Statement from Former Treasury Secretaries on Inflation Reduction Act August 3, 2022 “As former Treasury Secretaries of both Democratic and Republican Administrations, we support the Inflation Reduction Act which is financed by prudent tax policy that will collect more from top-earners and large corporations. Taxes due or paid will not increase for any family making less than $400,000/year. And the extra taxes levied on corporations do not reflect increases in the corporate tax rate, but rather the reclaiming of revenue lost to tax avoidance and provisions benefitting the most a luent. The selective presentation by some of the distributional e ects of this bill neglects benefits to middle-class families from reducing deficits, from bringing down prescription drug prices, and from more a ordable energy. This legislation will help increase American competitiveness, address our climate crisis, lower costs for families, and fight inflation—and should be passed immediately by Congress.” —Timothy F. Geithner, Jacob J. Lew, Henry M. Paulson Jr., Robert E. Rubin and Lawrence H. Summers https://home.treasury.gov/news/press-releases/jy0912 1/1
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