Washington, DC — Last week, Senate Democrats announced an agreement on the Inflation Reduction Act of 2022. The package includes measures to control inflation, expand health care coverage, and spur clean energy investments. It is entirely funded by closing tax loopholes for wealthy Americans and will even reduce the deficit. Liz Fairchild, Business Forward’s Executive Director, issued the following statement in response:
“The Inflation Reduction Act (IRA) is a hard-earned and well-crafted package that will fight inflation, lower health care costs, improve our energy security, and tackle the climate crisis, all while reducing the budget deficit by $300 billion.
The IRA includes $370 billion to promote domestic energy production and deployment of clean technologies. If passed into law, the bill will bring good jobs and investments to communities which have long been locked out of our energy economy. It will help us catch up to our global competitors and drive economic opportunities for small businesses in America’s power sector for years to come.
To fund investments, the IRA raises $470 billion by closing tax loopholes for America’s wealthiest households and corporations. It raises another $320 billion by allowing Medicare to negotiate lower costs for prescription drugs. The agreement also makes health insurance cheaper for millions, which helps small business owners afford coverage for both their employees and themselves.
I encourage Congress to strengthen our small business economy by bringing the IRA to the floor as soon as possible.”
ABOUT BUSINESS FORWARD
Business Forward helps local business leaders make the “business case” for climate action, affordable healthcare, immigration reform, diversity and inclusion, sensible tax laws, criminal justice reform, infrastructure investment, and other pro-growth reforms. These leaders brief policymakers, work with local media, publish op-eds, submit testimony, advocate online, and organize their communities. We also promote their recommendations through issue briefs, survey reports, training manuals, and podcasts. More than 650 mayors, governors, members of Congress, and senior Administration officials have participated in our briefings.