OMA, NAM Oppose Federal Reconciliation Bill

More details are emerging regarding the recently announced federal budget reconciliation deal, known as the Inflation Reduction Act of 2022. (CNN reports the bill would do little to curb inflation, and the Congressional Budget Office says it could increase federal deficits by $3 trillion over 10 years.)

The OMA and the National Association of Manufacturers oppose the reconciliation bill. The NAM says the plan's proposed "book tax " - a 15% minimum corporate levy - would overwhelmingly impact manufacturers, according to non-partisan analysis. The provision would raise taxes by an estimated $313 billion, and manufacturers would be responsible for nearly half that amount.

NAM research shows this tax will reduce real GDP by $68.5 billion and cut labor income by $17.1 billion - translating to more than a quarter million fewer manufacturing jobs in 2023 alone.

Meanwhile, OMA Connections Partner Plante Moran has published this summary of the reconciliation bill and what's coming next. 8/1/2022