WTTC welcomes Inflation Reduction Act of 2022

 Tuesday, August 16, 2022 

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World Travel & Tourism Council (WTTC) welcomes the Inflation Reduction Act of 2022 that includes a $400-billion investment in fighting climate change, measures to make prescription drugs more affordable, and a 15-percent minimum tax on most corporations that make more than $1 billion per year.

Last Friday, the U.S. House of Representatives passed the Inflation Reduction Act of 2022, a sweeping $430-billion bill intended to fight climate change, lower drug prices and raise some corporate taxes. The Senate passed the budget reconciliation bill by a 51-50 party line vote on August 7. After clearing the lower chamber by a vote of 220 to 207 along party lines, the bill now heads to President Joe Biden’s desk for his signature.

The democrats had been eager to push through their domestic policy ambitions before the mid-term elections, but Republicans strongly opposed the bill, arguing that tax increases would impose burdens on U.S. businesses and workers and hurt the economy.

The Inflation Reduction Act of 2022 includes a roughly $400-billion investment in fighting climate change, measures to make prescription drugs more affordable, and a 15-percent minimum tax on most corporations that make more than $1 billion per year, which will bring in more than $300 billion in new revenue, according to Democrats. Inflation Reduction Act of 2022 is scaled down from the $3.5-trillion “Build Back Better” package United States President Joe Biden and many Democrats envisioned last year.

Julia Simpson, WTTC President and CEO said that World Travel & Tourism Council (WTTC) welcomes the Inflation Reduction Act of 2022 and its numerous business-smart clean energy tax incentives expansions and extensions. The travel and tourism sector is a catalyst for meaningful climate action and emissions reduction, as evidenced by their groundbreaking Net Zero Roadmap supporting their sector’s drive toward net zero. This bill will help accelerate the Members’ climate commitments with provisions like the sustainable aviation fuel credit, energy efficient buildings deduction, and zero-emission port equipment and technology investments.

While these are important building blocks for meaningful change, we call on the U.S. to continue putting climate change front and centre of everything they do to help protect life on our planet. They also urge world leaders to give more support to the global travel & tourism sector as it continues its journey towards net zero.

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