Via. U.S. Chamber of Commerce
The U.S. Chamber of Commerce and the Arizona Chamber of Commerce and Industry released a new statewide advocacy campaign in opposition to the recently announced tax and spending bill that poses a significant threat to the American economy.
Why it matters: This new $740 billion tax, prescription drug, and climate bill - while better and far smaller than the budget reconciliation bill proposed earlier this year - contains numerous provisions harmful to businesses and economic growth.
Details:
- It includes a new 15% minimum "book tax" on corporate income. This tax would require certain companies to pay taxes on their profits as reported in financial statements rather than on income reported to the Internal Revenue Service (IRS).
- A new "carried interest" tax would raise taxes on investment firms, which would reduce support for innovative industries like clean energy.
- Proposed drug price controls would reduce investment and innovation, leading to fewer life-saving drugs being developed.
Bottom Line: Taxes that would discourage investment and undermine economic growth and price controls that would limit American innovation need to come out, and that is what the Chamber is focused on achieving.
Click here to read more: U.S. Chamber, Arizona Chamber Launch New Advocacy Campaign
Coalition Letter on the Inflation Reduction Act - This Coalition letter was sent to the Members of the United Stated Senate, with 253 state and local chambers of commerce and national trade associations, opposing the Inflation Reduction Act. Read letter here.