$225 Billion Corporate Income Tax Hike Which Will
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Posted On: 02/09/2023 8:48:09 PM
$225 Billion Corporate Income Tax Hike Which Will Be Passed on to Households
Democrats imposed a 15 percent corporate alternative minimum tax on the financial statement income of American businesses reporting $1 billion in profits for the past three years. These American companies employ millions of Americans.
The cost of this tax increase will be borne by working families in the form of higher prices, fewer jobs, and lower wages.
A Tax Foundation report from last December found a 15 percent book tax would reduce GDP by 0.1 percent and kill 27,000 jobs.
Preliminary cost estimates from the Congressional Budget Office found the provision would increase taxes by more than $225 billion.
According to JCT’s analysis, 49.7 percent of the tax would be borne by the manufacturing industry at a time when manufacturers are already struggling with supply-chain disruptions.
Tax Foundation also warned that current supply chain issues could be worsened by the book tax’s disproportionate burden on key industries. The report concluded that “the coal industry faces the heaviest burden of the book minimum tax, facing a net tax hike of 7.2 percent of its pretax book income, followed by automobile and truck manufacturing, which faces a 5.1 percent tax hike.
https://www.google.com/search?q=%24225+Billio...=0ahUKEwj8
Democrats imposed a 15 percent corporate alternative minimum tax on the financial statement income of American businesses reporting $1 billion in profits for the past three years. These American companies employ millions of Americans.
The cost of this tax increase will be borne by working families in the form of higher prices, fewer jobs, and lower wages.
A Tax Foundation report from last December found a 15 percent book tax would reduce GDP by 0.1 percent and kill 27,000 jobs.
Preliminary cost estimates from the Congressional Budget Office found the provision would increase taxes by more than $225 billion.
According to JCT’s analysis, 49.7 percent of the tax would be borne by the manufacturing industry at a time when manufacturers are already struggling with supply-chain disruptions.
Tax Foundation also warned that current supply chain issues could be worsened by the book tax’s disproportionate burden on key industries. The report concluded that “the coal industry faces the heaviest burden of the book minimum tax, facing a net tax hike of 7.2 percent of its pretax book income, followed by automobile and truck manufacturing, which faces a 5.1 percent tax hike.
https://www.google.com/search?q=%24225+Billio...=0ahUKEwj8
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