If the proposed Inflation Reduction Act is passed, domestic manufacturers could bear the brunt, warns one lawmaker. U.S. Senator Mike Crapo (R-ID), a member of the Senate Finance Committee, cited analysis by the Joint Committee on Taxation (JCT). While the JCT projects that only about 150 taxpayers annually will be subject to the 15% book minimum tax in the bill, it also estimated that 49.7% of manufacturers would pay the increase. Crapo stated that the proposal “risks severely harming American manufacturers, exacerbating supply-chain disruptions and ultimately costing U.S. jobs and investment.” The proposed tax is estimated to help collect an additional $319 billion in tax over 10 years.
