|Associated Builders and Contractors today released the following statement on Senate Democrats’ “Inflation Reduction Act,” a $740 billion tax-and-spending spree scheduled to pass in a partisan political process at a time when our economy is pointed toward recession.
“While the Democrats’ reconciliation proposal has undergone changes over the recent days, the package unfortunately would still impose anti-growth tax policies that fail to address the rate of inflation, supply chain snarls and workforce shortages disrupting the economy and construction industry,” said Kristen Swearingen, ABC vice president of legislative & political affairs.
“Most critically, this bill penalizes employers that believe in fair and open competition and pay wages based on experience, quality and market rates, and also limits opportunities for the millions of construction workers who choose not to join a union,” said Swearingen. “Though the bill provides $250 billion in incentives for clean energy projects, 83% of the value of these credits lies in projects ABC members will be largely prevented or discouraged from participating in due to these labor restrictions.”
Earlier today, ABC sent a letter to Congress highlighting concerns in the bill, urging lawmakers to “reject the harmful policies included in the budget reconciliation package and work together to address the ongoing needs of our economy and hardworking Americans.”