Hey Joe, hope all those Tesla subsidies are worth it. Gotta make sure California’s elite can afford to buy electric cars and keep making China richer. At the cost of destroying America’s manufacturing and killing hundreds of thousands of manufacturing jobs in this country.
The proposed “book tax” in the Senate’s reconciliation bill “would overwhelmingly hit U.S. manufacturers,” according to a new analysis by the Joint Committee on Taxation, Congress’s non-partisan tax scorekeeper.
What’s going on: The reconciliation bill, the outline of which was released Wednesday by Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WVA), proposes a 15% minimum corporate levy, or “book tax,” on certain companies.
The provision is estimated to raise $313 billion, and JCT finds that manufacturers would be responsible for paying nearly half of it.
Including direct, indirect and induced effects, in 2023 alone the impact would include:
A real GDP reduction of $68.45 billion
218,108 fewer workers in the overall economy
A labor-income decrease of $17.11 billion
The Wall Street Journal points out that, The book-income minimum tax would hit the accelerated depreciation in the tax code that lets businesses write off investment in, say, new factories. Wholesale trade (9.3%), retail trade (4.9%) and information (11.5%) companies would get off relatively easy by comparison.
Information does pay the bills in politics.
Taxes will rise by $16.7 billion in 2023 on Americans earning less than $200,000 a year. Taxpayers earning between $200,000 and $500,000 will pay $14.1 billion more
It’s okay. Biden’s robust economy can take it. And what’s a few hundred thousand more manufacturing jobs lost after all the millions of jobs that Senate crooks have already shipped to Communist China.