Photo: White House
The Inflation Reduction Act, signed into law a year ago, has many benefits for American consumers.
It began making big corporations pay their fair share in taxes while investing more in items that help the middle class such as creating good-paying jobs, combating corporate price gouging, slashing the deficit, lowering prescription drug costs, and reducing carbon pollution.
But while these efforts are helping everyday Americans, a new review from government watchdog Accountable.US shows several industries have never stopped trying to obstruct and weaken the Inflation Reduction Act. It includes lawsuits to block its key measures and millions spent so far this year lobbying against its provisions being carried out.
“Corporate special interests claimed the sky would fall if they had to finally pay their fair share in taxes,” said Liz Zelnick, director of Accountable.US’ Economic security and corporate power. “Their lobbyists found a captive audience among the MAGA House Majority that’s taken millions of dollars from Wall Street and big drug and oil companies.”
The industries and their lobbying groups working to undo the Inflation Reduction Act are:
Big Pharma
- In July 2023, the U.S. Chamber of Commerce filed a lawsuit on behalf of its pharmaceutical members seeking to block the act’s Medicare drug price negotiation program.
- This year, PhRMA, a trade group, has spent at least $830,000 lobbying on stopping the act’s drug pricing reforms, while also filing a lawsuit to block the law’s Medicare drug negotiation provisions.
- In addition, in 2023, Eli Lilly, Merck & Co., and Pfizer, all represented on PhRMA’s board of directors, have spent $1.14 million lobbying on stopping the act’s drug pricing provisions from being carried out.
Corporations
- In 2023, the Global Business Alliance, an advocacy group for international companies in the United States, has spent at least $770,000 lobbying against the act’s new stock buyback excise tax and corporate AMT provisions.
- In 2023, the Securities Industry and Financial Markets Association, a trade association, has spent at least $200,000 hiring firms to lobby against the act.
- Investment giant Blackstone has spent at least $190,000 this year lobbying on blocking action under the act.
Oil and gas industries
- The American Petroleum Institute and the American Exploration and Production Council, trade groups that signed an August 2022 letter in opposition to the act, have spent more than $470,000 combined lobbying against its implementation in 2023.
