Proposed Federal ‘Book Tax’ Puts Burden on Manufacturers
From Industry Week –
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.
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