Cassidy, Barrasso, Colleagues Introduce Bill to Repeal Biden Tax on American Energy, Manufacturing
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), John Barrasso (R-WY), and colleagues introduced legislation to repeal the largest tax hike from the Democrats’ 2022 reckless tax and spending bill that makes it harder to invest, produce, and manufacture in the United States.
“The American dream is becoming out of reach for many Americans. We should be investing in American energy, manufacturing, and jobs,” said Dr. Cassidy. “This bill is pro-American worker and pro-Louisiana.”
“Reckless and complicated taxes like the book minimum tax undermine our nation’s supply chain, threaten our energy security, and send jobs and investments overseas,” said Senator Barrasso. “Companies that want to invest in our country, create more American jobs, and unleash American energy don’t need more punishing taxes. They especially don’t need unelected bureaucrats gaining more control of U.S. tax policy. We need to repeal this reckless and failed tax once and for all.”
The book minimum tax is an arcane tax on U.S. job creators investing in America. The tax removes longstanding provisions to help promote economic growth and investments while creating loopholes for special interest groups. The Book Minimum Tax Repeal Act will end this harmful provision and stop unelected bureaucrats from manipulating tax policy to benefit their favorite industries.
The legislation is supported by the National Association of Manufacturers, American Petroleum Institute, American Institute of Certified Public Accountants, National Mining Association, Independent Petroleum Association of America, Energy Infrastructure Council, U.S. Chamber of Commerce, Interstate Natural Gas Association of America, and the Western Energy Alliance.
Cassidy and Barrasso were joined by U.S. Senators Mike Crapo (R-ID), James Lankford (R-OK), Jim Risch (R-ID), Cynthia Lummis (R-WY), Steve Daines (R-MT), Marsha Blackburn (R-TN), and Pete Ricketts (R-NE) in cosponsoring the legislation.
