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Missouri Chamber of Commerce calls Inflation Reduction Act a ‘tax hike’ on businesses

JEFFERSON CITY, Mo. (KMIZ)

The Missouri Chamber of Commerce made public its opposition to the Inflation Reduction Act moving through Congress, saying it would mean a tax increase on the state's business.

The Senate approved Democrats' $750 billion health care, tax and climate bill known as The Inflation Reduction Act over the weekend. The bill now goes to the House. This legislation represents the largest climate investment in U.S. history while altering health care policies and giving Medicare the option to negotiate the prices of certain prescription drugs.

The legislation would include a 15% minimum tax on large corporations and a 1% tax on stock buybacks while increasing the Internal Revenue Service's ability to collect taxes.

The new bill could raise over $700 billion in government revenue over 10 years, according to estimates.

The Missouri Chamber of Commerce said in a news release Monday that manufacturers would take the hardest hit with almost half of the new tax load falling on the manufacturing industry. The Chamber of Commerce states the legislation is moving quickly through Congress and the House of Representatives is expected to vote within the next couple of days.

In Missouri, the chamber has signed a letter opposing the legislation and is asking the state's congressional delegation to oppose the business taxes.

"It’s important that we unite against this federal tax increase," Chamber President and CEO Dan Mehan said in a statement Monday. "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.” 

Congressional Democrats who support the legislation say the tax increases are helping ensure the wealthy pay their share. The minimum tax on corporations would only apply to those with annual profits of more than $1 billion.

Check back for updates to this developing story.

Article Topic Follows: Politics

Kennedy Miller

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