Schumer-Manchin "Inflation Increase Act" Helps China, Crushes U.S. Manufacturers
Apparently, America still has too many manufacturing jobs. And the Senate Democrat majority have snuck in their sleazy "Inflation Increase Act" under a false flag in the hopes of doing something about that.
What many people are calling the "Inflation Increase Act" has nothing to do with stopping inflation, instead it's yet another payoff to the green gimmick investor crowd who finance the Democrats and like all such payoffs, this one is a sharp blow to what remains of the domestic manufacturing sector while helping Communist China.
"Democrats claim the book minimum tax is a tax loophole closer, when in reality it is a tax on U.S. manufacturers. Based on the new JCT analysis, 49.7 percent of the tax would be borne by the manufacturing industry at a time when manufacturers are already struggling with inflation, supply-chain disruptions, and an impending recession."
Despite Democrats’ claims, the book minimum tax does not close tax loopholes. Tax and book treatment of capital investments, like those made by American manufacturers, differ for book and tax purposes – for good reason. Congress intentionally designed tax depreciation rules to support domestic investment. Democrats’ tax on U.S. manufacturing would eliminate that benefit.
"This is a domestic manufacturing tax, plain and simple,” Senator Mike Crapo of Idaho warned.
The real benefits of the Schumer-Manchin "Inflation Increase Act" will, as usual, be reaped by China. Not only does the "Inflation Increase Act" further weaken domestic American competition, instead, it funds the usual "green" boondoggles that are heavily reliant on China, including, once again, solar panels.
America loses, inflation rises, China wins.
That's the Schumer-Manchin "Inflation Increase Act" in a nutshell.