Source: US CHAMBER OF COMMERCE, 11/18/21

TO THE MEMBERS OF THE UNITED STATES CONGRESS:
As we recover from the economic shock of the COVID-19 pandemic, businesses across the nation face significant headwinds, including a worker shortage crisis, massive supply chain disruptions, and the highest inflation in more than a generation. We need Congress focused on helping address these problems. Unfortunately, the so-called “Build Back Better” reconciliation bill that is currently under consideration would add to rather than reduce the challenges confronting America’s employers.

Economic experts agree that the initial spending and transfer payments will add to near-term inflationary pressures, further harming American families and businesses who are already suffering from higher prices on everything from food to energy. The proposed tax increases, including a new corporate minimum tax on book income, a new tax on stock buybacks, and tax increases on U.S. business income earned abroad, will harm the recovery and hamstring America as we work to compete globally, especially with China. The pharmaceutical price controls could result in fewer drugs being introduced to the U.S. market in the coming decades.  America may miss out on the next vaccine or treatment for the next pandemic because of these short-sighted policies.  Anti-energy provisions in the bill would increase the cost of energy for all Americans and could lead to energy supply shortages and power outages while prices are already the highest in a decade, squander domestic energy security, and threaten the supply chain for clean energy technologies. The bill would also overturn nearly 90 years of labor law to tilt the playing field in favor of unions by threatening employers of all sizes with bankruptcy-inducing civil penalties that do not exist in current law. Finally, because of various budget gimmicks, including sunsetting new programs, in some cases after only one year, the true cost of the proposed bill is significantly higher than the nearly $2 trillion that is advertised.

We urge you to oppose the reconciliation bill as currently drafted and instead turn your attention to addressing the challenges holding back our economic recovery.

Sincerely,

National
Agricultural Retailers Association
American Home Furnishings Alliance
Associated Equipment Distributors
Associated Wire Rope Fabricators
Brick Industry Association
Decorative Hardwoods Association
Energy Marketers of America
Food Industry Association
Independent Petroleum Association of America
International Franchise Association
Metals Service Center Institute
National Association of the Remodeling Industry  
National Independent Automobile Dealers Association
National Mining Association
National Ready Mixed Concrete Association
National Waste & Recycling Association
North American Association of Food Equipment Manufacturers
U.S. Chamber of Commerce
U.S.A. Minority Chamber of Commerce
Valve Manufacturers Association of America

North Carolina
Blowing Rock Chamber of Commerce
Caldwell Chamber of Commerce
Chamber of Hickory Nut Gorge
Hillsborough/Orange County Chamber of Commerce
NC Chamber

To see the full list of groups that signed the letter, click here.