Kevin Brady: “I include in the Record the following letter from dozens of Main Street businesses opposing the Democrats' bill because…”

“I include in the Record the following letter from dozens of Main Street businesses opposing the Democrats' bill because of the IRS' targeting of their business under the bill and tax hikes on small businesses. August 11, 2022. Hon. Nancy Pelosi, Speaker of the House, House of Representatives, Washington, DC. Hon. Kevin McCarthy, House Minority Leader, House of Representatives, Washington, DC. Hon. Charles Schumer, Senate Majority Leader, U.S. Senate, Washington, DC. Hon. Mitch McConnell, Senate Minority Leader, U.S. Senate, Washington, DC. Dear Speaker Pelosi, Leader McCarthy, Leader Schumer, and Leader McConnell: The undersigned organizations represent millions of Main Street businesses and employ tens of millions of workers and we oppose the Senate-passed Inflation Reduction Act. Inflation is at 40-year highs, we have had two consecutive quarters of negative economic growth, and we are witnessing a shrinking small business sector, yet the Inflation Reduction Act does nothing to address these immediate issues even as it increases the burden of the tax code shouldered by America's small and family-owned businesses. The Biden Administration claims the savings in the IRA are ``front-loaded'' and will reduce the deficit in the short- term, helping to ease inflationary pressures. That is simply not the case.…”