Top Republican on the Ways and Means Committee Rep. Kevin Brady (R-TX) has warned against the harmful Made-in-America tax in a Republican Meeting: “[it]…is both untested and unvetted. It discourages investment in new technology and new equipment, slows growth, and makes it harder for companies to invest in the productivity of their workers.”
Now, Republican Members of the Senate Finance Committee are also urging the Biden Administration in a letter to reconsider the harmful “Made in America” income tax on U.S. companies (“book minimum tax”) included in the Build Back Better Act.
The tax, included without hearing or debate in the House Ways and Means Committee or Senate Finance Committee, harms American job-creators and manufacturers, exacerbates supply-chain disruptions, and sends U.S. jobs and investment overseas
CLICK HERE to read the full letter.
KEY EXCERPTS:
“This fundamentally flawed proposal, which has not been properly vetted by either Congressional tax-writing committee, risks severely harming American manufacturers, exacerbating supply-chain disruptions, and ultimately costing U.S. jobs and investment.
“While Republicans and Democrats may disagree on the best tax policy to create high-paying U.S. jobs and facilitate lasting economic growth, both parties rejected a previously enacted book minimum tax due to its numerous flaws and negative effects.
“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 renewable energy and other emerging technologies.”
KEY BACKGROUND:
- Democrats’ “Made in America” tax hits American manufacturing, energy, and technology businesses, sends jobs overseas, and would ensure that more of everyday things we use are made in China.
- According to the nonpartisan Joint Committee on Taxation, a third of Democrats’ corporate tax hikes – including the “minimum book tax” would be passed onto the middle class.
- Democrats’ proposal is riddled with loopholes for the very same big corporations that Democrats say don’t pay enough tax.
- Top Republican on the Ways and Means Committee Rep. Kevin Brady (R-TX) warned against the harmful Made-in-America tax in a Republican Meeting: “[it]…is both untested and unvetted. It discourages investment in new technology and new equipment, slows growth, and makes it harder for companies to invest in the productivity of their workers.”