Washington, D.C. – 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.
“This legislation includes taxes that would discourage investment and undermine economic growth and price controls that would limit American innovation,” said U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley. “While many of the misguided proposals in previous versions of the reconciliation bill are now on the cutting room floor, we're advocating against these economically harmful taxes and prices controls. They all need to come out and that is what the Chamber is focused on achieving in the final version.”
“The Arizona Chamber strongly opposed the original Build Back Better bill for the damage it would inflict on the Arizona and U.S. economies, and we oppose this version’s tax hikes and its anti-innovation measures, too,” Arizona Chamber President and CEO Danny Seiden said. “The negative implications of the tax and drug pricing provisions of the bill are too damaging to pass it in its present form. Sen. Sinema and Sen. Kelly should reject this legislation and bring their colleagues back to the drawing board.”
The new print ad, which is running today in the Arizona Republic and Arizona Daily Sun, highlights the bill’s negative impact on Arizona businesses and working families. Specifically, the bill will:
- Decrease investment in Arizona through a new “Book” tax that increases taxes on companies when they invest and expand in the state.
- Hurt employers in the critical renewable energy sector through an obscure new tax on “carried interest” that would raise taxes on those helping bring venture capital to the state.
- Impose new government price controls on pharmaceuticals that would cut jobs in the state’s life science industry.