Affordability and the Economy
In Washington, Representative Larson is focusing on ending the cost-of-living crisis that First District families are facing. He has spent his career fighting for lower health care costs and fighting corporations driving up prices. He’s continuing to fight for the real solutions his constituents deserve.
Lowering Costs for Families
As a Member of the Ways and Means Committee, Rep. Larson proudly helped draft the Inflation Reduction Act, landmark legislation that is directly lowering health care and energy costs, including fulfilling his long-time priority of allowing Medicare to negotiate lower drug prices.
Under the Inflation Reduction Act:
Negotiating Lower Drug Prices – For the first time ever, Medicare will be empowered and required to negotiate lower drug prices. Beginning in 2026, the first ten drugs selected for negotiation will see a price reduction of 39% to 79%, resulting in a collective $1.5 billion savings in out-of-pocket costs. Every year, 15 new drugs will see significant price drops.
Lowering Health Care Premiums – Enhanced Affordable Care Act Marketplace subsidies were extended through 2025, helping 65,000 Connecticut residents on the Access Health CT exchange save an average of $220 per month.
Penalizing Big Pharma for Unfair Price Hikes – Drug companies are now required to pay a rebate if they hike prices faster than inflation. Thanks to these rebates, patients have seen savins on hundreds of prescriptions, including Padcev and Adectris.
Reducing Costs for Catastrophic Coverage – Seniors with catastrophic coverage under Medicare Part D will no longer have to pay 5% coinsurance after they pay $7,050 out of pocket, lowering costs for an estimated 16,000 Connecticut seniors.
Making Recommended Vaccines Free – Medicare Part D cost sharing was eliminated for recommended vaccines, including shingles and COVID-19. Before the Inflation Reduction Act, seniors would pay an average of $47 and as high as $100 for vaccines.
Capping Insulin Costs for Seniors – Insulin co-pays were capped at $35 per month for seniors on Medicare, a 35% average saving for Part D Beneficiaries. Since the Inflation Reduction Act was signed into law, the largest producers of insulin have dramatically lowered costs for insulin on the private market as well.
Limiting Out-of-Pocket Drug Costs – Out-of-pocket drug costs were capped at $2,000 per year for seniors. Starting this year, nearly 19 million Americans will save an average of $400 annually.
Lowering Household Energy Bills – The Inflation Reduction Act expanded tax credits to support energy efficiency upgrades for homes and vehicles, and new incentives to deploy green energy, including solar and clean hydrogen.
Rep. Larson is committed to going even further, building on the success of the Inflation Reduction Act to continue lowering health care costs: expanding Medicare to give seniors dental, vision and hearing coverage, increasing the number of drugs subject to price negotiation and bringing those prices to the public market and will continue to call for a national public insurance option to compete against profit driven healthcare and drive down premiums and out-of-pocket costs.
Opposing the Trump Administration’s Costly Tariffs
President Trump’s tariffs are creating chaos for American families. Make no mistake about it - they are a tax on consumers. Since taking office, President Trump has promised, cancelled, implemented, revised, and repealed tariffs without consistent or clear strategic rationale. It’s projected that these tariffs will raise costs by thousands of dollars annually. Rep. Larson is a cosponsor of the Stopping a Rogue President on Trade Act (H.R. 2888), which would suspend President Trump’s tariffs on our friends and allies and require Congress to vote before new tariffs can go into effect. He also joined his colleagues to introduce the Prevent Tariff Abuse Act, preventing presidents from unilaterally abusing their power to impose cost-raising tariffs, something they do not have the authority to do.
Fighting to Repeal the “Big, Ugly Bill”
The Republican Budget is going to make life more costly for working middle-class Americans while enriching the billionaire class. Rep. Larson has been fighting this unjust plan every step of the way. Unless repealed:
15 million Americans will lose their Medicaid or Affordable Care Act coverage, including 186,580 Connecticut residents.
If you purchase a plan on the Access Health CT exchange, your household’s premiums are slated to go up by an average of $1,550 next year. Some households may see premium costs rise over $20,000 for the year.
Pell Grants for 43,735 college students in Connecticut will be reduced or eliminated.
Rep. Larson is committed to rolling back these devastating cuts. Instead of giveaways to billionaires, he’s focused on lifting Americans out of poverty and strengthening the middle class by expanding programs like Social Security, Medicare, Medicaid, and the Affordable Care Act.
While the wealthiest 0.1% in our nation will see an annual tax cut of $309,000, those earning under $50,000 will receive $245, with some households seeing their taxes increase.
Rep. Larson joined his Democratic colleagues on the Ways and Means Committee in forcing Republicans to hold a 15-hour markup of the “One Big, Ugly Bill”, exposing the impact the law would have on the American people. Throughout the markup, Democrats put Republicans on the record, exposing their opposition to making the wealthy pay their fair share, preventing devastating insurance premium hikes, and expanding Social Security benefits. Throughout this process and now, Rep. Larson is in contact with state elected officials and health care leaders to examine the impacts of this legislation, speaking out against cuts to Medicaid, Medicare, and food assistance and giveaways to the wealthy. He is already cosponsoring legislation to stop Affordable Care Act and Medicaid cuts and will continue to fight this law tooth and nail until it’s repealed.
Tackling the Cost of Housing
Housing costs in Connecticut over the last year rose a stunning 9.4%, the third highest increase in the nation, and a rate more than double the national average of 4%. Rep. Larson knows we need to take bold action to drive down the cost of housing and has introduced legislation to increase its supply, focusing on the challenges and opportunities in the First Congressional district.
Rep. Larson introduced the bipartisan Neighborhood Homes Investment Act to create and preserve 500,000 housing units across the country. Across the First District, there are homeowners with homes in disrepair that cannot afford renovations, and neighborhoods with rundown properties that cannot attract buyers. This innovative legislation would create a new tax credit to make repairs financially viable, for the homeowner or a developer. This legislation invests in our communities, focusing on investment, not displacement to build housing supply. That’s why Hartford Mayor Arunan Arulampalam led a successful effort to secure the bill’s endorsement from the U.S. Conference of Mayors.
As many businesses moved to hybrid work models during the COVID-19 pandemic, downtowns like Hartford’s facing a record number of office building vacancies, leaving downtown businesses suffering from a disappearing customer base and jeopardizing the economic viability of the region. Rep. Larson introduced the bipartisan Revitalizing Downtowns and Main Streets Actto support make the conversion of unused office spaces into reliable housing financially viable, expanding access to quality, affordable housing for residents, spurring economic growth, and preserving the vibrancy of our downtowns.
Rep. Larson is also taking direct action, securing $1.6 million in direct funding to assist with the construction of the Mallory View affordable housing complex in Barkhamsted, allowing for the creation of the town’s first affordable housing project and $1 million for the Winsted Health Center to help build affordable housing for veterans in Winsted.
More on Affordability and the Economy
If Congress wanted to push back against President Donald Trump’s tariffs, it could have done so at any time by voting to end the White House’s declaration of a national emergency, which, Trump claims, grants him sweeping trade powers.