(WFRV) – Wisconsin State Senator Tammy Baldwin announced on Tuesday her support for the Inflation Reduction Act of 2022.

The legislation would make big corporations and wealthy hedge funds pay more in taxes, cut the deficit, lower the cost of prescription drugs, reduce health insurance premiums, lower household energy bills, and invest in clean energy.

“As families and businesses face rising costs, this legislation will reduce inflation and lower out-of-pocket costs for energy, prescription drugs, and health care,” explained Senator Baldwin. “Our tax reforms make big corporations and wealthy hedge funds pay a fairer share of taxes so we can cut the deficit and reduce inflation for working families. Our legislation will lower energy costs for consumers and invest in boosting the production of clean energy here at home to take on the climate crisis and create jobs.”

The Inflation reduction Act of 2022 would make big corporations with $1 billion in profit per year pay a fairer share of taxes with a 15% Corporate Minimum Tax.

“To me this is simple, we need to bring fairness to a rigged tax system that favors big corporations and wealthy Wall Street hedge fund managers, allowing them to pay a lower tax rate than many Wisconsin workers,” said Senator Baldwin. “Our tax reforms make those at the top pay a fairer share of taxes so we can cut the deficit and make investments that will lower costs for working families in Wisconsin.”

Another big issue Baldwin highlighted was cutting prescription drug costs and reducing insurance premiums for working families.

“No one should go bankrupt just to get the medications or health care they need to live a healthy life. The Inflation Reduction Act gives Medicare the power to negotiate lower prescription drug prices to reduce costs for people and save taxpayers money,” said Senator Baldwin. “The American Rescue Plan included a reform to reduce health insurance premiums and now we are extending tax credits for working families to prevent premium spikes and deliver lower health care costs.”

Senator Baldwin has also voiced her support for Mandela Barnes, who is looking to take Ron Johnson’s spot in the Wisconsin State Senate.

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“He comes from a working family, his mother was a public school teacher, his father was a UAW third-shift worker, and he brings those values of hard work to his public service which has included time in the state legislature and now as our lieutenant governor,” added Baldwin.

Barnes is the frontrunner to win the Democratic primary for the U.S. Senate Race in Wisconsin. If he wins that, he’ll go on to go head-to-head against current U.S. Senator, Republican Ron Johnson.