Americans for Tax Reform opposes the CHIPS Act and urges all lawmakers to vote NO.
Grover Norquist, President of Americans for Tax Reform, issued the following statement in opposition to the CHIPS Act of 2022:
“Within hours of the Senate passing CHIPS, Joe Manchin broke his word to West Virginia voters and endorsed tax hikes during a recession. Democrat leadership deliberately waited until the Senate passed CHIPS to announce their package to raise $750 billion in taxes during a recession and spend $430 billion during record-high inflation. Democrats have made it clear that a vote for CHIPS is tied to the fate of their reckless tax and spend bill. No Republican should vote in favor of CHIPS after seeing Democrats’ reconciliation bill. CHIPS is a massive taxpayer-dollar giveaway program and should be rejected on its own merits. The case for conservative lawmakers to oppose CHIPS is vastly stronger now that it would pave the way for Democrats to pass their reckless tax and spend bill.”
The CHIPS bill would authorize the appropriation of $200 billion and add $79.3 billion to the deficit, according to estimates from the Congressional Budget Office. This includes corporate welfare in the form of $52 billion in grants to semiconductor companies and an additional $24 billion in tax credits.
Americans for Tax Reform announced its opposition to CHIPS in a Key Vote issued last week.
With inflation at 9.1 percent in June and at a 40-year high, Congress should not be adding fuel to the inflation fire with more deficit-funded spending. Republicans in Congress have rightly argued that Democrats’ trillion-dollar spending sprees contributed significantly to inflation that’s reduced real wages and lowered family budgets.
Republicans have stood as a bulwark against Democrats’ reckless spending thus far and are campaigning on a return to fiscal responsibility. They should not cave now and join in on Democrats’ spending spree.