PRINTING United Alliance Calls on Congress to End Build Back Better Act Talks

On Wednesday, as news traveled across Capitol Hill that December’s consumer price index rose 7% (officially marking the third straight month in which inflation exceeded 6% – the fastest pace since 1982), PRINTING United Alliance and its allies in the business community issued a letter formally calling on Congressional leaders to end negotiations to pass the Build Back Better Act, which contains tax hikes and increased regulatory fees and penalties.

Instead, Congress should shift focus to more immediate economic concerns, namely: rising costs, labor shortages and ongoing supply chain challenges. This was the message delivered by PRINTING United Alliance and over 90 other trade associations representing a high concentration of S-Corp member companies. Specifically, the letter noted:

Today’s Consumer Price Index report showing inflation rising at the fastest rate in forty years has our members understandably alarmed. Rapidly rising prices are a serious challenge to businesses of all sizes as they make purchasing inventory, supplies, and inputs such as heat and electricity more expensive. In many cases, our members are unable to pass these higher costs on to their customers.

It goes on to say:

Raising taxes on America’s family businesses in this environment moves us in the wrong direction. Recent estimates show that more than $500 billion of the Build Back Better Act’s cost will be shoulder by family businesses [S-Corps] and the bill would impose top rates on these businesses exceeding 50%. As with increased spending, voters believe these tax increases will be inflationary.

The full letter can be read here.

Lisbeth Lyons is the Vice President, Government & Political Affairs at PRINTING United Alliance, the most comprehensive member-based printing and graphic arts association in the United States. PRINTING United Alliance members have exclusive access to preeminent education; training; workshops; events; research; governmental and legislative representation; safety and environmental sustainability guidance; and resources from the leading media company in the industry – NAPCO Media.

In this article, Lisbeth addresses the Build Back Better Act and its impact on S-Corps. More information about tax, regulatory and economic policy can be found at www.printing.org or reach out to Lisbeth should you have additional questions specific to how these issues may affect your business: llyons@printing.org.

To become a member of PRINTING United Alliance and learn more about how PRINTING United Alliance subject matter experts can assist your company with services and resources such as those mentioned in this article, please contact the Alliance membership team: 888-385-3588 / membership@printing.org.