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CWA Hails Passage of Inflation Reduction Act

CWA logo
(Image credit: Communications Workers of America)

The Communications Workers of America praised Sunday's (Aug. 7) passage of the Inflation Reduction Act, which among other things will set a minimum corporate tax rate and invest in green energy.

In a statement, CWA said the 15% minimum tax on large corporations will help ensure "that instead of gaming the system to boost profits they will pay their fair share."

The bill also levies a 1% tax on stock buybacks, which the unions said companies use to inflate wealthy shareholder profits instead of investing more in their workers and product.

They said the green energy part will create hundreds of thousands of new, good jobs.

CWA praised the Democrats and vowed to work to get more of them elected in November, in part so they can get rid of the filibuster and make it easier for workers to unionize.

CWA represents a range of workers in addition to those in telecommunications and media.

While the bill is billed as the Inflation Reduction Act, Republicans, none of whom voted for the bill in the Senate, are branding it a reckless spending bill and liberal wish list [Sen. Mitt Romney (R-Utah)] that will boost, not reduce inflation. ■

Contributing editor John Eggerton has been an editor and/or writer on media regulation, legislation and policy for over four decades, including covering the FCC, FTC, Congress, the major media trade associations, and the federal courts. In addition to Multichannel News and Broadcasting + Cable, his work has appeared in Radio World, TV Technology, TV Fax, This Week in Consumer Electronics, Variety and the Encyclopedia Britannica.