Washington, DC (August 8, 2022) – Yesterday, the Senate passed the Inflation Reduction Act.
Alfredo Ortiz, President and CEO of Job Creators Network, released the following statement:
“Senate Democrats sold out businesses, including small businesses, with a massive tax hike that will make it far more difficult for them to bring the country out of the Biden recession. Democrats, including supposed moderates Joe Manchin and Kyrsten Sinema, have voted to raise taxes on job creators and everyday Americans at the worst possible time as they struggle with historic inflation and a deepening recession.This vote breaks two promises made by President Biden:
1) Not to raise taxes on ordinary Americans who make less than $400,000 a year. We know that in 2023 50% of the burden from the 15% minimum corporate tax comes from those making less than $400,000. And that number grows to two-thirds by 2031.
2) Not to raise taxes on small businesses. Democrats extended a tax code provision at the last minute that limits the losses that small business can deduct from their tax returns. This tax increase will reduce small business creation and expansion which is needed now to overcome historic inflation and supply chain turmoil. The bill also roughly doubles the size of the IRS, empowering it to subject small businesses, which often don’t have accountants and tax lawyers on staff, to endless burdensome audits.
Every Democrat is now on record supporting tax hikes on small businesses and middle-class Americans. Voters will remember this betrayal on Election Day. Job Creators Network won’t let them forget.”