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.
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