WASHINGTON, D.C. - The following statement on the revised reconciliation bill can be attributed to U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley.
“Taxing capital expenditures —investments in new buildings, factories, equipment, etc.—is one of the most economically destructive ways you can raise taxes. It punishes innovation, leaves a country poorer and less capable of growing. While we look forward to reviewing the new proposed bill, Senator Sinema deserves credit for recognizing this and fighting for changes.
“Unfortunately, the new excise tax on stock buybacks will only distort the efficient movement of capital to where it can be put to best use and will diminish the value of Americans’ retirement savings.
“The Chamber remains resolutely opposed to the imposition of price controls on life saving and enhancing pharmaceutical drugs. This government power grab will mean fewer medical innovations. The cost, which could very well include delays in cures for the very worst diseases like cancer and Alzheimer’s, should be unacceptable to all of us.”