08/02/2022 | Press release | Distributed by Public on 08/02/2022 15:17
As the economy enters a recession, Democrats are targeting American manufacturers with their new corporate minimum tax, included as part of the Manchin-Biden Build Back Better tax hike bill.
READ: Studies: Schumer-Manchin Deal Hits U.S. Manufacturers and Worsens Inflation
Nearly half of the revenue raised from these tax increases will come from already struggling American manufacturers. As reported by the Wall Street Journal:
"Manufacturers and other companies making capital investments could pay the bulk of the new corporate minimum tax in Senate Democrats' fast-moving fiscal legislation, according to an analysis of the plan."
"An analysis from the Tax Foundation, which favors simpler tax systems with lower rates, found that the coal, automobile and utilities industries would face larger tax bills."
These factories have also struggled through President Biden's labor shortage: A year and a half into the Biden Administration, America is still 524,000 jobs short of the jobs we had prior to the pandemic.
Further, the corporate minimum tax enables Democrats to claim they're making corporations "pay their fair share," while actually inflicting pain on working Americans.
"Rhetorically, the corporate minimum tax works as a way to address complaints from President Biden and progressive groups that large, profitable companies such as Amazon.com Inc. can report very low tax bills."
At a time when Americans are already struggling with record-high prices, now is not the time to raise taxes that will further burden working families with higher prices, fewer jobs, and lower wages.
READ: WSJ: Schumer-Manchin Deal is a Tax Increase on Every American
KEY BACKGROUND:
The cost of new tax increases in Democrats' revived reckless tax-and-spend bill would be borne by U.S. manufacturers and land on Americans in worsened inflation.
Democrats' Made-in-America minimum book tax hikes will land on American businesses and workers in slashed wages.
READ: What They're Saying: Schumer-Manchin Deal Worsens Inflation, Kills Jobs, Hikes Taxes on Americans