Amplify: Democrats Cut Costs for American Families

Which party is fighting for American families? Let’s take a look at their agendas. 

Donald Trump has promised mega-donors a tax cut for the wealthiest Americans and large corporations – to be funded with a 10% unfocused tariff on all imported goods. This giveaway to the rich would raise unemployment, increase inflation, cost average American families $1,700 annually and increase the budget deficit by  $4.6 trillion dollars. 

By contrast, the Biden-Harris Administration has aggressively lowered costs on an incredible array of products and services that are critical for American families. 

Highlights:

• Healthcare:  Overturning the stranglehold of Big Pharma, the Biden-Harris Administration has:

  • enabled Medicare to negotiate lower prescription drug prices for the most commonly prescribed drugs

  • capped the cost of insulin and prescriptions for seniors 

  • lowered health insurance premiums by about $800 per year for millions of Americans 

  • capped out-of-pocket costs for Medicare recipients 

  • reduced the price of inhalers and hearing aids

• Utility Bills: The Biden-Harris Administration provided thousands of dollars of annual savings through tax credits for a wide range of energy-saving home improvements, tax rebates for solar panels, and increased access to reduced internet prices.

• Gasoline & Travel Costs: Travel costs have been reduced through the release of millions of gallons of gasoline from strategic reserves, airline junk fees have been clarified or eliminated and over $3 billion in refunds and reimbursements given to airline passengers for canceled and delayed flights.

• Housing Prices:  The Biden-Harris Administration lowered insurance premiums on FHA mortgages, capped rent increases, and provided rent assistance on millions of apartments. The Administration is also working to provide mortgage assistance to first-time home buyers, lowering down payments and closing costs, and enacting legislation to build and renovate more than 2 million homes and prohibit collusive leasing practices that artificially raise rents.

• Grocery Costs: In response to calls from the White House, Target, Walmart, Amazon, Walgreens and Aldi have lowered prices on thousands of items. In addition, working with state Attorneys General, the White House is battling price gouging and anti-competitive practices in the food industry.

• Child Care & Education Costs: The Administration expanded the child tax credit for 40 million families, saving them an average of $2,600 annually.  It has also canceled student debt for 4.75 million Americans and plans to provide debt relief to an additional 30 million borrowers. 

• Cutting Taxes: President Biden cut taxes for families with children and for American workers in 2021. Going forward, he plans to reduce taxes for millions of middle and low-income Americans by $765 billion over the next decade, including up to $3,600 per child in expanded tax cuts. 

Read more: The Biden-⁠Harris Lowering Costs Agenda; FACT SHEET: The President’s Budget Lowers Costs for the American People

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