President Joe Biden on Sunday outlined on Twitter why he thinks 2023 is going to a be a great year for Americans.
“Happy New Year, folks,” the president tweeted as the clock struck midnight on New Year’s Day. “I think it’s going to be a great year. Why? Because we get to start implementing a lot of the things we passed last year.”
Biden began by noting that a monthly cap on the cost of insulin for diabetic patients on Medicare takes effect on January 1.
“As of this moment, a month’s supply of insulin will be capped at $35 for anyone on Medicare,” the president tweeted. “$35. That’s it.”
The provision will bring relief to almost 2 million Americans who pay an average of $572 annually out-of-pocket for insulin, according to a 2020 analysis by the Kaiser Family Foundation (KFF).
The cap on insulin was included in the Inflation Reduction Act, Democrats‘ landmark climate change and health care bill, that Biden signed into law in August of last year.
“Because of this landmark legislation, on January 1st, Americans will start to see the benefits of additional cost-saving measures in the Inflation Reduction Act,” the president said in a statement in late December on the White House’s website.
Biden also noted on Sunday that starting on January 1, drug companies that raise their prices faster than inflation will be required to pay Medicare a rebate.
“We’re putting the brakes on how high and how fast Big Pharma can raise drug prices,” he wrote. “Starting right now, if they raise prices faster than inflation, they’ll face big penalties.”
The president highlighted another provision from the Inflation Reduction Act, noting that Americans can now receive tax credits to install more energy efficient appliances for their homes.
“Electric ovens, solar panels, heat pumps: you name it. Save money while fighting climate change,” he wrote, directing people to CleanEnergy.gov for more information.
Those in the market for a car can now also get a tax credit to buy a new or used electric vehicle, Biden added.
The clean vehicle tax credit is worth up to $7,500 for those “who bought and placed in service a new qualified plug-in electric vehicle (EV) or fuel cell vehicle (FCV) on January 1, 2023 or later and meet certain income limitations,” according to the Internal Revenue Service (IRS).
Biden concluded in his Twitter thread: “There’s more — across the country you’ll see us building new bridges, cleaning lead pipes, and getting folks online. You’ll see tons of good-paying manufacturing and construction jobs open up. We’re just getting started. Here’s to 2023, and the work we’re going to do together.”
Newsweek contacted the White House for further comment.
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