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Some Arizona business leaders aren't happy with Inflation Reduction Act

Published: Sunday, August 7, 2022 - 9:32pm
Updated: Monday, August 8, 2022 - 6:48am
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U.S. Senate Democrats have passed a Biden-backed economic package worth around $740 billion. Some Arizona business leaders are not happy with the legislation.

The Inflation Reduction Act passed the Senate by a 51-50 vote with Vice President Kamala Harris breaking the tie. The act raises corporate taxes while putting resources toward fighting climate change and lowering drug costs for seniors.

In response, Arizona Chamber of Commerce President Danny Seiden released a statement criticizing the act. He says it will not reduce inflation and that it will “stifle innovation.”

The bill includes $300 billion in extra revenue for deficit reduction.

Seiden thanked Democratic Sen. Kyrsten Sinema, who originally held out on voting for the bill, for listening to Arizona businesses before eventually voting in its favor.