Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) released the following statement after the House passed the Inflation Reduction Act:
“Under the Biden Administration, American small firms have enjoyed record years in terms of job creation and new business startups. Overall, our economy has added nearly 10 million jobs since President Biden took office and unemployment has matched its lowest rate in more than 50 years. Our economic recovery from the pandemic has been swift and strong, thanks to this administration’s economic policy that I’ve been proud to advance in Congress. But despite all the progress that we’ve made, the cost of running a business or providing for one’s family remains too high. That’s why I was proud to vote to pass the Inflation Reduction Act this afternoon, which is full of measures to lower health care and energy costs, make generational investments in climate, and ensure that large corporations pay their fair share in taxes. This bill furthers the Biden-Harris Administration’s commitment to building the economy from the bottom up and middle out.
“This legislation will help small businesses compete on a level playing field with their large corporate peers. In 2020, 55 of the biggest companies paid nothing in corporate income tax. This is unacceptable. The Inflation Reduction Act will close loopholes, establish a 15% minimum tax on large corporations, and help end corporate freeloading. The bill will also create countless new opportunities for small firms operating in the green economy. It will make a historic investment in our fight against climate change and give small businesses a role in manufacturing the solar panels, wind turbines, and other renewables that will help alleviate this existential crisis. Finally, this bill will make healthcare more affordable for the disproportionate number of entrepreneurs and their employees that rely on ACA exchanges for their insurance.
“The Inflation Reduction Act will build on actions Democrats have taken during the 117th Congress to build an economy that works for every American. The bill will lower kitchen table costs, create millions of jobs, and restore our country as the global leader in combatting climate change. I look forward to the President signing this bill and continuing our work in Congress to deliver on our promise of building a better future for small businesses and working families.”