'A Lot Better Than Build Back Better': Big Business Relieved as Dems Go Light on Tax Hikes

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'Tax-dodging multinational corporations are still able to play games with their operational and accounting practices,' said one progressive tax expert.

One progressive tax expert said the Inflation Reduction Act"cannot be the final chapter in the fight against profit-shifting and offshoring practices by large corporations."Corporate America's relentless year-long lobbying campaign partially paid off this past weekend when Senate Democrats—constrained by two industry-allied lawmakers in their own party and united GOP opposition—approved legislation that stands as a mere shadow of its predecessor, the Build Back Better Act.

Neil Bradley, chief policy officer at the U.S. Chamber of Commerce—the largest and most influential corporate lobbying group in the country—openly expressed relief Monday at the extent to which the Inflation Reduction Act was scaled back compared to the mostof Build Back Better, a package that would have partially reversed the 2017 GOP tax cuts.

 

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