Groups representing small business interests slammed a deal announced Wednesday by Mon. Joe Manchin, DW. Va., saying it would increase inflation and hurt employment.
The groups argued that the agreement, titled the Inflation Reduction Actwill increase pressure on small businesses that have already struggled to stay afloat amid record-high prices and slowing economic growth.
The legislation was unveiled after weeks of negotiations between Manchin and Senate Majority Leader Chuck Schumer, DN.Y., who said it would guarantee corporations and the wealthy “pay their fair share.”
“We all know that taxes roll downhill,” Alfredo Ortiz, president of the Job Creators Network, told FOX Business in an interview. “So, it’s either going to be an increase in cost and, ultimately, in prices to the consumer, which is inflationary, or it’s going to be a job killer. At the end of the day, you have a few