The House passed an $82 billion tax bill on Friday, one day after House Ways and Means Chairman Charles Rangel (D-NY) defended his measure during a speech at the U.S. Chamber of Commerce.

While the Chamber supports some provisions of the Temporary Tax Relief Act—including a one-year extension of alternative minimum tax (AMT) relief and the extension of other expiring tax benefits, such as the research and experimentation tax credit—it strongly opposes increasing taxes on carried interest, which would adversely impact over 15.5 million individuals invested in 2.5 million partnerships, such as real estate, manufacturing, retail and start-up companies that depend on venture capital. It would also have a negative effect on pension funds, stifle innovation and risk-taking, and drive American capital offshore.

Watch a Webcast of Rep. Rangel at the U.S. Chamber.