PHOENIX (Aug. 7, 2022) – Arizona Chamber of Commerce & Industry President and CEO Danny Seiden released the following statement following today’s Senate passage of H.R. 5376, a massive reconciliation bill:
“This bill will not reduce inflation and it will not make the U.S. economy more competitive. Renaming a massive tax and spending bill the Inflation Reduction Act does not improve it.
“Arizona job creators oppose the vast majority of the provisions in this bill. Hitting businesses with a complicated and onerous new ‘book tax’ and imposing government drug price controls that threaten to stifle innovation and limit access to new cures and therapies will only harm patients and undermine U.S. economic competitiveness.
“We appreciate Sen. Sinema for taking the time to listen to Arizona business community feedback on this legislation while it was being crafted. She kept an open line of communication throughout. We thank her for her successful effort to blunt the bill’s harm to small- and medium-sized businesses, and for her desire to improve the legislation in a way that protects advanced manufacturing, encourages continued business investment, spurs the production of American-made clean energy, and provides significant drought resiliency funding to promote a water secure future.
“Despite the bill’s positive aspects, however, the overall bill leaves much to be desired. With the bill headed to the House, we would encourage the Arizona delegation to consider the legislation’s negative effect on Arizona jobs.”
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