Business Leaders and Main Street Business Owners Voice Support Inflation Reduction Act

This week, as the Senate moves to consider the Inflation Reduction Act, business leaders and organizations, as well as small businesses across America, are voicing support for the historic legislation.

Small Business Majority: “The newly reached Senate deal outlined in the ‘Inflation Reduction Act of 2022’ is critically important and welcomed by small businesses. The legislation extends the Affordable Care Act’s premium subsidies through 2025 and lowers prescription drug prices. More than half of all healthcare marketplace participants are small business owners, employees or self-employed entrepreneurs,” said John Arensmeyer, Founder & CEO of Small Business Majority.

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Main Street Alliance: “Holding corporations accountable for their fair share of taxes, while investing in cost-savings on health care for small businesses is exactly the kind of progress small businesses need to survive,” said Main Street Alliance/Main Street Action Executive Director Chanda Causer.

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United States Hispanic Chamber of Commerce: “The introduction of the Inflation Reduction Act, a historical agreement reached by Leader Schumer and Senator Manchin, is an important step in starting the conversation around identifying ways to decrease healthcare costs, invest in domestic energy production, and make meaningful steps to decrease the deficit,” said USHCC President and CEO Ramiro A. Cavazos. “We are encouraged to see these conversations move forward and look forward to working with Congress and the Administration to push action on these important issues facing the Hispanic business community.”

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Retail Industry Leaders Association: “The agreement struck accomplishes all the objectives retailers have set out to achieve throughout the debate on corporate taxes: permanent lower rates, fairness to ensure all are contributing, and better enforcement to collect what is legally owed,” said Michael Hanson, Senior Executive Vice President for Public Affairs at the Retail Industry Leaders Association.

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U.S. Black Chambers Inc.: “The U.S. Black Chambers, Inc. stands in support of the Inflation Reduction Act of 2022, marking an achievement for the Biden-Harris administration on their promise to deliver on the Build Back Better agenda. Of notable impact to the Black business community, the legislation works to lower energy costs and reduce carbon emissions as Black communities are negatively impacted by environmental injustices at disproportionate rates,” said Ron Busby Sr., President, and CEO of the U.S. Black Chambers Inc. “The legislation will also target lowering healthcare costs and increasing healthcare access; we know that a strong Black economy requires a healthy Black community with equitable access to healthcare. USBC underscores the need for a holistic approach toward fostering a robust business ecosystem, and we recognize the provisions in this package make headway in that regard. While we understand there is more work to be done, we look forward to ensuring that this legislation is sculpted with intentionality so that we can continue to uplift Black businesses throughout the country.”

Association of Women’s Business Centers: “The Association of Women’s Business Centers applauds the efforts towards the Inflation Reduction Act of 2022. We are especially supportive of the inclusion of doubling the small business R&D tax credit, which will help women-owned small businesses, and all qualified small businesses, as they navigate financial hardships from the pandemic, workforce shortages, and inflation,” said Corinne Goble Hodges, CEO of the Association of Women’s Business Centers. Inclusion of this provision will enable more women entrepreneurs and new businesses to utilize the additional dollars of the tax to offset the FICA employer portion of payroll tax, thus enabling them to focus additional resources on business resiliency and growth.

National Electrical Manufacturers Association (NEMA): “Today the National Electrical Manufacturers Association (NEMA) issued a letter to Democratic leaders in the Senate and House thanking them for their efforts on the Inflation Reduction Act of 2022 and called on them to immediately pass this important bill to advance America’s leadership in the energy transition, foster domestic manufacturing, and provide much-needed certainty for the domestic clean energy industry. NEMA believes that this legislation is a crucial step towards reaching U.S. climate and electrification goals. The bill includes a groundbreaking slate of climate and clean energy investments including tax credits for domestic renewables manufacturing, support for electric vehicles and incentives to help utilities and consumers transition to cleaner energy. We call on Congress to work quickly to pass this legislation into law. Our members are poised to invest billions in domestic manufacturing capabilities to facilitate the energy transition, and this legislation will make those investments a lasting reality,” said Debra Philips, NEMA President and CEO.

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Business Forward: “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.” said Liz Fairchild, Executive Director, Business Forward.

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Outdoor Recreation Roundtable: “Outdoor Recreation Roundtable supports the Biden Administration’s Inflation Reduction Act and released the following statement lauding the Act: “There is so much good for outdoor recreation and the $689 billion outdoor recreation economy in the Inflation Reduction Act, including funding for hazardous fuels reduction so our forests stay healthy and accessible; more investment in public lands conservation and restoration; funding for our cities’ green spaces through urban tree reforestation; and support for disadvantaged communities to address the impacts of climate change,” said Jessica Turner, president of Outdoor Recreation Roundtable (ORR). “The Inflation Reduction Act is precisely the type of forward looking, problem solving, and community building legislation that will bolster recreation economies.’’