Arizona trade groups are pressing Senator Kirsten Cinema to provide a decisive vote against congressional Democrats’ unexpectedly revived tax reforms and household spending package.
The National Association of Manufacturers (NAM) has created an ad with Arizona-based business groups in what appears to be a small attempt to convince Arizona’s moderate Democrats that the deal would hurt their home state. The ad plays on economic concerns in a push to ditch a thin-cut version of the spending law, which Democrats have a narrow window to pass as the midterm elections draw near.
advertisement NAM in conjunction with the Arizona Chamber of Commerce and Industry and the Arizona Manufacturers Council. It begins with a voiceover describing how producers are driving the state’s economy despite “historic labor shortages and cost overruns”.
“Now, Congress is threatening to raise taxes on Arizona businesses,” the voiceover continues. “Taxes will not strengthen supply chains, promote energy security or fill vacant jobs.”
The ad urged viewers to tell their representatives and senators to “say ‘no’ to taxes that would devastate Arizona producers.” Although his name was not mentioned in the advertisement, it was probably directed to the cinema, whose support for earlier versions of the law has been uncertain.
Senate Democrats intend to pass the bill on a party-line vote using a budget process called conciliation, which does not require the 60 votes the chamber normally mandates. Relying on reconciliation means Democrats can’t spare a single defector in the 50-50 chamber. Enemies of the law are hoping to get Cinema, who has been hesitant to raise taxes, to eventually raise a bill that is central to the agenda of President Joe Biden and congressional Democrats.
Democratic Senator Joe Manchin of West Virginia, a major holdout, announced last week that he had reached an agreement with Senate Majority Leader Chuck Schumer of New York on a new version of the bill.
Restructured as the Inflation Reduction Act of 2022, the rebranded law was aimed at voters who have identified record inflation as their main concern in this fall’s midterm elections.
Proponents of the bill say it will reduce inflation by narrowing the national deficit, while allocating $369 billion for energy security, another $64 billion for a three-year extension of an Affordable Care Act program, and Medicare. Will allow negotiating the prices of medicines.
“Simply put: it will save lives, create jobs, and reduce costs,” Schumer said. in a tweet monday.
To pay for this expense and deficit reduction, the law relies on better IRS enforcement, closing the “interest reduction” and a 15 percent minimum corporate tax.
nam have pointed for the time being analysis by the Joint Committee on Taxation, a nonpartisan congressional agency, which concluded that the tax would be heavy on the makers. By 2023, the legislation would result in $68.45 billion in real GDP, 218,108 fewer workers in the overall economy, and a $17.11 billion in labor-income declines, according to a summary of NAM’s analysis.
“The negative effects of the bill’s tax and drug pricing provisions are too damaging to pass it in its current form,” said Danny Seiden, president and CEO of the Arizona Chamber of Commerce and Industry. in a statement,
newsweek Cinema has been reached for comment.