Austin — The Texas Association of Business (TAB) CEO, Glenn Hamer, released a statement on the U.S. House passage of the multi-trillion-dollar reconciliation bill that hikes taxes for businesses.
"Inflation is at a 31 year high. Employers are still enduring worker shortages and supply chain issues. Instead of addressing these pressing challenges, the U.S. House passed a massive expansion of social programs on the backs of businesses. This is a bad day for business. We now look to the Senate to put a stop to this awful piece of legislation,” said TAB CEO Glenn Hamer.
Days before the vote, TAB sent a letter to the Texas congressional delegation flagging the business community’s concerns that tax hikes in the reconciliation bill present serious threats to inflation, wages, energy security, and U.S. competitiveness. The letter can be found here. The marketed price tag of the spending bill is $1.9 trillion. Reports show the actual total after implementation could be north of $4.6 trillion, and the Congressional Budget Office estimated it will add $367 billion to the national debt.
TAB is the voice for Texas businesses, representing more than 1,500 members and 200 local chambers. United to protect the business-friendly climate, TAB works on the frontlines, in a bi-partisan manner, to deliver real solutions that promote economic development in Texas. Follow TAB on Facebook, Twitter, and LinkedIn.