[This piece has been published in Restoring America to highlight why a new tax proposal from Democratic senators would hurt individual businesses and the economy as a whole.]
Last week, Sen. Joe Manchin, (D-WV), and Senate Majority Leader Chuck Schumer, (D-NY), announced a budget reconciliation deal that would raise taxes on corporations and high-income households to finance increased healthcare and climate spending. The bill, titled the “Inflation Reduction Act (IRA) of 2022,” includes a 15% alternative minimum tax (AMT) on large corporations’ financial statement (“book”) income. This book minimum tax was first proposed in 2019 as part of President Joe Biden’s campaign tax plan. It has been scaled back slightly since then but remains a bad idea.
