Business groups are fighting Biden's $3.5T budget over taxes, drug negotiations
WASHINGTON – As some crucial Democrats express concerns over President Joe Biden’s $3.5 trillion budget that is the centerpiece of his domestic agenda, major business groups are fighting various parts of the wide-ranging bill.
Advocacy groups are drawing battle lines in opposition to parts of the bill aiming to raise taxes on corporations and wealthy individuals, lower prices on prescription drugs and combat climate change. The fights that could trim or threaten to kill the legislation will play out in the coming days and weeks as committees rush to meet a Wednesday deadline for drafting legislation.
Groups such as the U.S. Chamber of Commerce, the National Association of Manufacturers and the Business Roundtable contend raising corporate taxes to pay for the massive package will hurt the economy by discouraging investment and spurring inflation.
Specific industries have also raised concerns about their corners of the proposal. Pharmaceutical manufacturers oppose a House strategy to allow Medicare to negotiate drug prices. Energy groups oppose a potential tax on methane emissions, a greenhouse gas that traps more heat than carbon dioxide.
https://www.msn.com/en-us/news/politics/business-groups-are-fighting-bidens-dollar35t-budget-over-taxes-drug-negotiations/ar-AAOqhrT