Democrat Tax Hikes to Hit Manufacturers Hardest

Democrat Tax Hikes to Hit Manufacturers Hardest

The Joint Committee on Taxation (JCT) found that the Democrats’ inflation reduction bill would hit manufacturers hardest with the legislation’s corporate minimum tax.

Senate Democrats will likely bring to the floor this week the Inflation Reduction Act, a reconciliation bill that Democrats hope to enact climate change programs and extend enhanced Obamacare subsidies by raising taxes.

The JCT found that setting a 15 percent corporate minimum tax, which would reportedly raise $313 billion, would especially soak America’s ailing manufacturing sector.

The nonpartisan tax analysis committee found that the manufacturing sector would take 49.7 percent of the share of the Democrats’ proposed tax if the legislation were to pass, including chemical manufacturing, transportation equipment manufacturing, and other parts of the manufacturing industry.

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