WASHINGTON––U.S. Senators John Boozman (R-AR) and John Barrasso (R-WY) today introduced the Repealing the Ill-Conceived and Problematic (RIP) Book Minimum Tax Act, legislation to reverse the largest tax hike from the Democrats’ reckless tax and spending bill.
The book minimum tax is an alternative minimum tax on the financial statement, or “book” income, of certain corporations. This flawed tax policy gives unelected bureaucrats the power to define taxable income and will raise taxes on American businesses by $222 billion. In addition, the book tax targets domestic energy production by making it more expensive, which will raise costs for all Americans.
“Democrats’ reckless tax-and-spending bill did nothing to fight inflation and help Americans suffering in the Biden economy. To pay for their radical agenda, they enacted policies like the book minimum tax that disincentivize investment, punish American workers and further constrain U.S. energy development. I’m proud to join Sen. Barrasso and our colleagues to abolish it,” Boozman said.
“The book minimum tax is another reckless power grab by the Democrats to squeeze hardworking Americans dry. Policies like this only raise taxes on workers and consumers, resulting in wage cuts and jobs moving overseas,” said Barrasso. “We need to repeal this unfair tax to ensure companies are investing in America, creating more American jobs, and unleashing American energy.”
Original cosponsors of the legislation include U.S. Senators Marsha Blackburn (R-TN), Mike Braun (R-IN), Bill Cassidy, M.D. (R-LA), Mike Crapo (R-ID), James Lankford (R-OK), Cynthia Lummis (R-WY), Rob Portman (R-OH), Jim Risch (R-ID), Pat Toomey (R-PA), Todd Young (R-IN) and Roger Wicker (R-MS).
This legislation is supported by the American Petroleum Institute, the National Mining Association, the National Taxpayers Union, the U.S. Chamber of Commerce and the Western Energy Alliance.
Representative Jodey Arrington (R-Texas) is introducing companion legislation in the U.S. House of Representatives.Full text of the legislation can be found here.