Beer Institute Reacts to House Vote on Inflation Reduction Act
WASHINGTON – Today, the Beer Institute released the following statement after the U.S. House of Representatives passed the Inflation Reduction Act:
“We are deeply concerned by lawmakers’ vote to increase taxes on businesses amidst an unprecedented and unpredictable economic environment. As a national trade association representing the dynamic American beer industry, which generates $331 billion in economic activity annually and supports more than two million American jobs, we fear this will have serious economic repercussions for the more than 6,600 brewers across the country still recovering from the COVID-19 pandemic,” said Beer Institute Director of Public Affairs Alex Davidson. “Increasing taxes on brewers flies in the face of the historic excise tax relief Congress made permanent in 2020 that provided economic stability to the beer and hospitality industries. Instead of adding new taxes to American manufacturers, Congress and the Administration should provide immediate inflation relief by repealing Section 232 tariffs on aluminum, which have cost the American beverage industry more than $1.4 billion since 2018 and resulted in inflated consumer prices. We look forward to continuing our work with policymakers to address much-needed fixes to U.S. trade and tax policies that hurt American job creators, including the beer industry, and ultimately consumers.”
Read about how lifting tariffs would help reduce inflation here.
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