The Inflation Reduction Act, which passed the Senate and will be voted on by the House before or on Friday, will not help stop inflation. As our Lobbyist Pat Rita discussed last week, there are many aspects of the bill that will impact our members and their clients.
Despite its name, the Inflation Reduction Act will not reduce inflation anytime soon, according to an analysis by the Congressional Budget Office. Additionally, the SALT deduction cap was not lifted in the bill and extends the cap on losses a business owner is permitted to claim on their taxes.
The ABMA has signed-on to a letter opposing the Inflation Reduction Act, and we encourage you to contact your House member urging them to oppose this bill.