Democrats said that their plan for a 15% corporate minimum tax would not be as detrimental to U.S. manufacturers as Republicans have alleged.
Last week, centrist Sen. Joe Manchin signed on to the Democratic healthcare, tax, and climate reconciliation proposal, dubbed the Inflation Reduction Act of 2022. The most notable tax provision in the legislation is a 15% minimum tax on the book income of companies, something that Republicans quickly claimed would hurt domestic manufacturers.
Warren said that about 200 of the biggest and most profitable corporations ship jobs overseas while “paying a lower tax rate than most businesses and workers.” Still, the GOP believes that corporate minimum tax would be bad for the economy at a time when it’s already in a precarious position. “This is a domestic manufacturing tax, plain and simple,” he said. “Now is not the time to resurrect a harmful policy that would overwhelmingly hit American manufacturers and supply chains, as well as undercut critical research and development and investment in emerging technologies.”
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