Washington - Business Roundtable CEO Joshua Bolten today released the following statement on the “Inflation Reduction Act”:
“The U.S. economy has faced two consecutive quarters of declining GDP and remains at risk of a protracted economic decline. Imposing more than $300 billion in tax increases during a downturn is the wrong policy at the wrong time.
“Business Roundtable opposes the ‘Inflation Reduction Act,’ which, among other things, includes tax provisions that would undermine American economic growth and competitiveness.
“Our members are leaders in reducing greenhouse gas emissions and adapting to a changing climate. We continue to believe that congressional action on energy and climate change is critical to spurring additional investments in new technologies and enabling the United States to lead the global transition to a greener economy.
“Business Roundtable supports policies, including those in this legislation, that incentivize clean energy technologies and increase oil and gas leasing. These provisions would increase capital investment, help address energy costs over the long term, create jobs, strengthen U.S. energy security and reduce greenhouse gas emissions.
“However, the proposed book minimum tax would, among other things, suppress domestic investment when increased investment is needed to spur a strong recovery. This tax hike would also undermine the competitiveness of America’s exporters.
“Moreover, the bill fails to include a necessary fix—supported on a bipartisan basis—to incentivize domestic research and development, which would help our economy grow and create more American jobs.
“In the face of growing economic risk, Congress should reject policies, like the proposed tax increases, that would undermine growth and recovery.”