JOB KILLER: Manchin's inflation bill includes BBB's 'most economically damaging provision'
Democrats' inflation bill includes a provision from the Build Back Better Act which a nonpartisan analysis deemed the "most economically damaging provision."would introduce a 15% minimum tax on corporate book income, or the income that corporations list on public earnings reports. However, the same tax was included in BBB, President Biden's budget proposal that Manchin ultimately tanked over concerns the bill would dampen economic growth and worsen inflation.
The Tax Foundation, a nonpartisan tax policy research group, characterized the provision as a particularly harmful provision of BBB. "The proposed 15 percent minimum tax on corporate book income is the most economically damaging provision in the bill," the Tax Foundation's analysis of BBB stated in December.The analysis concluded the corporate minimum tax would cost roughly 27,000 jobs and reduce gross domestic product by 0.1%. The tax provision would also lead to lower wages, according to the December study.
While the Tax Foundation hasn't issued a similar analysis of the Inflation Reduction Act, William McBride, the group's vice president of federal tax and economic policy at the Tax Foundation, said the bill would cause economic damage. He noted that the Federal Reserve's attempt to halt inflation from increasing is likely to trigger a recession within the next 12 months.
"In such conditions, it would be extremely unwise to raise taxes, especially the type of taxes advocated by this administration, which would do excessive harm to the economy," McBride wrote in a blog post on July 27.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Democrats downplay nonpartisan analysis showing inflation bill increases taxesSenate Democrats pushed back Monday against claims from Republicans that the Inflation Reduction Act would raise taxes on most Americans, saying the bill only impacted corporations.
Baca lebih lajut »
Manchin says climate and tax deal 'all about' fighting inflationSen. Joe Manchin defended Democrats' new climate and tax deal from criticisms that it will raise taxes across all income brackets and harm the economy, saying the package unveiled last week is 'all about' combating inflation.
Baca lebih lajut »
Most Americans will feel tax pain from Dem inflation bill despite Biden's past promises: analysisThe poorest Americans will pay more in taxes as a result of Democrats' inflation bill, a nonpartisan analysis concluded, despite President Biden's past pledges.
Baca lebih lajut »
How the Senate Climate Bill Will Boost Clean EnergyThe surprise climate bill's electricity provisions would help the country surge toward its emissions reduction goals
Baca lebih lajut »
Wall Street Journal editorial board pens scathing op-ed on the 'Schumer-Manchin tax increase'The Wall Street Journal editorial board published an op-ed Monday that criticized the 'Inflation Reduction Act' which was agreed to by Sen. Joe Manchin (D-WV) last week.
Baca lebih lajut »
White House denies Manchin spending bill will raise taxes on Americans making less than $400kThe White House is denying that the over $700 billion spending bill being pushed by Manchin breaks President Biden's pledge to not raise taxes on families making less than $400,000 a year.
Baca lebih lajut »