To the Members of the United States Congress:
The undersigned chambers of commerce and business organizations from across the United States urge you to oppose the Inflation Reduction Act of 2022. This legislation includes taxes that would discourage investment and undermine economic growth and price controls that would limit American innovation. Despite the name of the bill, independent analysis confirms that it would have little to no impact on inflation and may in fact increase inflationary pressure in the near-term.
While we understand that various elements of the legislation are being updated, we continue to believe that the following provisions make this legislation unworkable:
- Enacting the proposed Corporate Book Minimum Tax would be the antithesis of sound tax policy and administration. Its introduction would be neither simple nor administrable and would pose a competitive disadvantage to U.S.-headquartered businesses while increasing the incidence of unrelieved double taxation. It would also have a detrimental effect on the quality of financial reporting.
- The excise tax on stock buybacks would only distort the efficient movement of capital to where it can be put to best use and diminish the value of Americans’ retirement savings.
- New price controls on pharmaceuticals would significantly reduce private sector investment in new research. Not only would this provision reduce jobs and hurt the economy, but the non-partisan Congressional Budget Office predicts that it will stifle the introduction of 15 new drugs over the next 30 years.
This is the absolute wrong time to increase taxes on American job creators or implement price controls on American innovators. We urge Congress to reject this misguided legislative package.
Sincerely,
National
American Exploration and Production Council
Associated Wire Rope Fabricators
Brick Industry Association
Decorative Hardwoods Association
Foodservice Equipment Distributors Association
International Sign Association
Korean American Chamber of Commerce
National Black Chamber of Commerce
National Independent Automobile Dealers Association
National Lumber & Building Material Dealers Association
North American Association of Food Equipment Manufacturers
National Waste & Recycling Association
Slavic-American Chamber of Commerce
Small Business & Entrepreneurship Council
U.S. Chamber of Commerce
U.S. Minority Chamber of Commerce
Water and Wastewater Equipment Manufacturers Association
Alabama
Business Council of Alabama
Mobile Area Chamber of Commerce
Opelika Chamber of Commerce
Prattville Area Chamber of Commerce
Selma and Dallas County Chamber of Commerce and Tourism Information
Alaska
Alaska Chamber
Greater Haines Chamber of Commerce
Arizona
Apache Junction Area Chamber of Commerce
Arizona Chamber of Commerce & Industry
Arizona Manufacturers Council
Buckeye Valley Chamber of Commerce
Carefree Cave Creek Chamber of Commerce
Chandler Chamber of Commerce
Gilbert Chamber of Commerce
Greater Flagstaff Chamber of Commerce
Greater Phoenix Chamber
Green Valley Sahuarita Chamber of Commerce & Visitor Center
Lake Havasu Area Chamber of Commerce
Mesa Chamber of Commerce
Queen Creek Chamber of Commerce
Tempe Chamber of Commerce
Arkansas
Arkansas State Chamber of Commerce and Associated Industries of Arkansas
Little Rock Regional Chamber of Commerce
California
Anaheim Chamber of Commerce
Antelope Valley Chamber of Commerce
Brea Chamber of Commerce
Buellton Chamber of Commerce
Carlsbad Chamber of Commerce
Chino Valley Chamber of Commerce
Coalition of California Chambers Orange County
El Dorado County Chamber of Commerce
Garden Grove Chamber of Commerce
Gateway Chambers Alliance
Greater Bakersfield Chamber
Greater Conejo Valley Chamber of Commerce
Greater Grass Valley Chamber of Commerce
La Canada Flintridge Chamber of Commerce
Laguna Niguel Chamber of Commerce
Lincoln Area Chamber of Commerce
Long Beach Area Chamber of Commerce
North San Diego Business Chamber
Oceanside Chamber of Commerce
Palm Desert Area Chamber of Commerce
Palos Verdes Peninsula Chamber of Commerce
Pomona Chamber of Commerce
Redondo Beach Chamber of Commerce
San Juan Capistrano Chamber of Commerce
San Marcos Chamber of Commerce
San Pedro Chamber of Commerce
San Ramon Chamber of Commerce
Santa Barbara South Coast Chamber of Commerce
Simi Valley Chamber of Commerce
South Bay Association of Chambers of Commerce
Torrance Area Chamber of Commerce
Tulare Chamber of Commerce
West Ventura County Business Alliance
Colorado
Colorado Chamber of Commerce
District of Columbia
Greater Washington Hispanic Chamber of Commerce
Florida
Cocoa Beach Regional Chamber of Commerce
Coral Gables Chamber of Commerce
Daytona Regional Chamber of Commerce
Englewood Florida Chamber of Commerce
Florida Chamber of Commerce
North Tampa Bay Chamber
The Osceola Chamber
Georgia
Barrow County Chamber of Commerce, Inc.
Georgia Chamber of Commerce
Greene County Chamber of Commerce
Gwinnett Chamber of Commerce
Idaho
Greater Idaho Falls Chamber of Commerce
Idaho Association of Commerce and Industry
Pocatello-Chubbuck Chamber of Commerce
Illinois
Chamber630
Chicagoland Chamber of Commerce
GLMV Chamber of Commerce
Illinois Chamber of Commerce
Illinois State Black Chamber of Commerce
Joliet Region Chamber of Commerce & Industry
Lombard Area Chamber of Commerce
Manteno Chamber of Commerce
Naperville Area Chamber of Commerce
Quad Cities Chamber of Commerce
The Greater Springfield Chamber of Commerce
Western DuPage Chamber of Commerce
Winnetka-Northfield-Glencoe Chamber of Commerce
Indiana
Greater Lawrence Chamber
Indiana Chamber of Commerce
South Bend Regional Chamber
Wayne County Area Chamber of Commerce
Iowa
Council Bluffs Area Chamber of Commerce
Greater Burlington Partnership
Iowa Association of Business and Industry
Mason City Chamber of Commerce
Kansas
Wichita Regional Chamber of Commerce
Kentucky
Greater Louisville Inc. - The Metro Chamber of Commerce
Kentucky Chamber of Commerce
Northern Kentucky Chamber of Commerce
Union County (KY) Chamber of Commerce
Louisiana
Bossier Chamber of Commerce
Central Louisiana Regional Chamber of Commerce
Maryland
Central Maryland Chamber of Commerce
Frederick County Chamber of Commerce
Greater Severna Park and Arnold Chamber of Commerce
Howard County Chamber
Maryland Chamber of Commerce
Salisbury Area Chamber of Commerce
Washington County Chamber of Commerce
Michigan
Battle Creek Area Chamber of Commerce
Greater Romeo Washington Chamber of Commerce
Holly Area Chamber of Commerce
Lake Gogebic Area Chamber of Commerce
Lansing Regional Chamber of Commerce
Michigan Chamber of Commerce
Southwest Michigan Regional Chamber
Minnesota
Alexandria Lakes Area Chamber of Commerce
Cottage Grove Area Chamber of Commerce
Greater Stillwater Chamber of Commerce
Marshall Area Chamber of Commerce
Minnesota Chamber of Commerce
Shakopee Chamber and Visitors Bureau
St. Cloud Area Chamber of Commerce
White Bear Area Chamber of Commerce
Willmar Lakes Area Chamber of Commerce
Winona Area Chamber of Commerce
Mississippi
Mississippi Economic Council
Missouri
Kearney Chamber of Commerce
Missouri Chamber of Commerce and Industry
Montana
Billings Chamber of Commerce
Great Falls Area Chamber of Commerce
Kalispell Chamber of Commerce
Montana Chamber of Commerce
Whitefish Chamber of Commerce
Nebraska
Fremont Area Chamber of Commerce
Lincoln Chamber of Commerce
Nebraska Chamber of Commerce & Industry
New Hampshire
Greater Nashua Chamber of Commerce
New Jersey
New Jersey Chamber of Commerce
New Mexico
Gallup McKinley County Chamber
Hobbs Chamber of Commerce
New York
The Business Council of New York State, Inc.
Nevada
Carson City Chamber of Commerce
Henderson Chamber of Commerce
Mesquite Chamber of Commerce
Retail Association of Nevada
Vegas Chamber
White Pine Chamber of Commerce/Information Center
North Carolina
Blowing Rock Chamber of Commerce
NC Chamber
North Dakota
Fargo Moorhead West Fargo Chamber of Commerce
Greater North Dakota Chamber
The Chamber Grand Forks / East Grand Forks
Williston Area Chamber of Commerce
Ohio
Lima Allen County Chamber of Commerce
Marion Area Chamber of Commerce
Ohio Chamber of Commerce
Shawnee Hills Area Chamber of Commerce
Union County (OH) Chamber of Commerce
Willoughby Western Lake County Chamber of Commerce
Oklahoma
Edmond Chamber of Commerce
The State Chamber of Oklahoma
Tulsa Regional Chamber
Oregon
North Clackamas County Chamber of Commerce
Oregon State Chamber
Pennsylvania
Associated Builders and Contractors of Western PA
Blair County Chamber of Commerce
Chester County Chamber of Business and Industry
Clarion Area Chamber of Business & Industry
Greater Chambersburg Chamber of Commerce
Greater DuBois Chamber of Commerce
Greater Reading Chamber Alliance
Hanover Area Chamber of Commerce
Harrisburg Regional Chamber
Indian Valley Chamber of Commerce
Juniata River Valley Chamber of Commerce
Mechanicsburg Chamber of Commerce
Pennsylvania Chamber of Business and Industry
Pennsylvania Food Merchants Association
Schuylkill Chamber of Commerce
Rhode Island
Northern Rhode Island Chamber of Commerce
South Carolina
Anderson Area Chamber of Commerce
Greater Hartsville Chamber of Commerce
Greenville Chamber
OneSpartanburg, Inc.
South Carolina Chamber of Commerce
South Dakota
Greater Sioux Falls Chamber of Commerce
Tennessee
Chattanooga Area Chamber of Commerce
Johnson City Chamber of Commerce
Sevierville Chamber of Commerce
Tennessee Chamber of Commerce and Industry
Texas
Central Fort Bend Chamber
Clifton Chamber of Commerce
Deer Park Chamber of Commerce
Del Rio Chamber of Commerce
Desoto Chamber of Commerce
Greater Austin Asian Chamber of Commerce
Greater Magnolia Parkway Chamber of Commerce
Greater Pharr Chamber of Commerce
Longview Chamber of Commerce
Lubbock Chamber of Commerce
Portland Chamber of Commerce
Round Rock Chamber
Rowlett Area Chamber & Visitors Center
South Padre Island Chamber of Commerce
Terrell Chamber of Commerce
Texarkana USA Regional Chamber of Commerce
Texas Association of Business
The Mansfield Area Chamber of Commerce
Weslaco Area Chamber of Commerce
Utah
Davis Chamber of Commerce
Point of the Mountain Chamber of Commerce
Salt Lake Chamber
South Valley Chamber of Commerce
The Payson Santaquin Area of Chamber of Commerce
Virginia
Central Fairfax Chamber of Commerce
Chesterfield Chamber of Commerce
Clarksville Lake Country Chamber of Commerce
Loudoun County Chamber of Commerce
Lynchburg Regional Business Alliance
Northern Virginia Hispanic Chamber of Commerce
Virginia Chamber of Commerce
Virginia Hispanic Chamber of Commerce
Washington
Auburn Area Chamber of Commerce
Greater Yakima Chamber of Commerce
Moses Lake Chamber of Commerce
Pasco Chamber of Commerce
Puyallup Sumner Chamber of Commerce
Shelton-Mason County Chamber
Washington Retail Association
Wisconsin
Eau Claire Area Chamber of Commerce
Greater Green Bay Chamber
Mosinee Area Chamber of Commerce
Oshkosh Chamber of Commerce
Greater Wausau Chamber of Commerce
Wisconsin Manufacturers and Commerce
Wyoming
Casper Area Chamber of Commerce
Greater Cheyenne Chamber of Commerce
Wyoming State Chamber of Commerce
