Anderson Area Chamber of Commerce Voices Opposition to "Inflation Reduction Act"
Your Anderson Area Chamber of Commerce joined several Chambers of Commerce throughout our State, as well as national, state, and local business organizations in a letter to members of the United States Senate opposing Senate Democrats' latest reconciliation package, the "Inflation Reduction Act of 2022". The letter, led by the U.S. Chamber of Commerce, National Association of Manufacturers (NAM), and others, expressed opposition to the inclusion of a 15% corporate minimum tax that would act as a tax on the adjusted financial statement income (book income) of large corporations. The Senate is taking up this legislation currently.
The nonpartisan Joint Committee on Taxation released a concerning analysis suggesting the new 15% book tax, which effectively eliminates accelerated depreciation, would overwhelmingly target manufacturers, with nearly half of the $313 million raised from the tax coming from their bottom lines. The analysis released separately by both NAM and the Tax Foundation notes this would lead to declines in jobs, real GDP, and wages.