JEFFERSON CITY — The Missouri Chamber of Commerce and Industry is speaking out against tax-hike legislation currently being fast-tracked through Congress.
This weekend, the U.S. Senate passed the Inflation Reduction Act, legislation that would create new taxes on businesses. The nonpartisan Joint Committee on Taxation said the national price tag for businesses is $313.1 billion. Manufacturers would be hit hardest, with nearly half of the new tax burden falling on the manufacturing industry.
The legislation is moving quickly through Congress, with the U.S. House of Representatives expected to vote in the coming days. The Missouri Chamber has signed a letter opposing the legislation and is asking the state’s delegation to oppose these new job-killing business taxes.
“With the Inflation Reduction Act, the federal government is trying to suck billions of dollars out of Missouri businesses, with our manufacturers being hurt the most. The Missouri Chamber is strongly urging our Congressional delegation to strip these harmful tax hikes out of the bill,” said Daniel P. Mehan, president and CEO of the Missouri Chamber of Commerce and Industry. “It’s important that we unite against this federal tax increase. We are asking the Missouri business community to contact their Congress members as soon as possible and let them know that the Inflation Reduction Act is bad for jobs and bad for Missouri businesses.”
The Missouri Chamber of Commerce and Industry is the largest business association in Missouri. Together with the Missouri Chamber Federation, the Missouri Chamber represents more than 75,000 employers. To learn more, go to www.mochamber.com, or follow us @MissouriChamber on Twitter.