WASHINGTON, D.C. - New reports are highlighting the cost of Washington Democrats' 'Inflation Expansion Act,' legislation to be signed into law on Tuesday by President Joe Biden. U.S. Representative Richard Hudson (R-NC) opposed the billthat includes billions in new taxes, $350 billion for Green New Deal climate giveaways, and funds to hire 87,000 new IRS agents - more than the troops stationed at Fort Bragg.
In case you missed it, read more about how the 'Inflation Expansion Act' will impact North Carolina.
RALEIGH – This past weekend, the U.S. Senate passed the Inflation Reduction Act. Included in the law is a provision that gives Medicare Part D the ability to “negotiate” the price of medicines for the first time.
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A new analysis of 110 currently approved therapies shows that only 6 of them would have made it to market if this new policy had been in effect during their development. Companies would not have had the necessary funds to invest in research and development. This legislation represents a $300 billion dollar blow to a sector that has saved millions of lives and is working tirelessly to end the global COVID-19 pandemic.
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A recent analysis of the legislation passed by the Senate determined that it will likely lead to the loss of over 590,000 jobs across the country. In North Carolina, the toll would be a direct biopharma job loss of almost 6,600 jobs, along with nearly 37,000 jobs supported by the life sciences industry.
There is very little win in this bill for North Carolina. Government price setting destroys innovation and jobs by removing the incentive to invest in the industry and cures of tomorrow.
Taxpayers across the income spectrum should expect they ultimately will pay for the left’s deceptively named Inflation Reduction Act.
But the new taxes would fall more heavily across specific industries and parts of the country. The largest tax in the bill, the new “book minimum tax,” accounts for $222 billion of the more than half a trillion dollars of expected new tax collections. The book minimum tax would hit manufacturing disproportionately.
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Due to their states’ large manufacturing bases, workers in Indiana, Wisconsin, Michigan, North Carolina, and Kentucky would endure the biggest economic hit from the new tax. Manufacturing accounts for about 26.6%, 18.9%, 18%, 17.1%, and 17.4% of the economies of these five states, respectively.
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Indiana, Wisconsin, Michigan, North Carolina, and Kentucky combined have lost over 1 million manufacturing jobs since 2000. Largely because of deep losses of manufacturing jobs, total private sector employment in Indiana, Wisconsin, and Michigan fell 7.5% in this period.
A new tax won’t help America’s manufacturing states.