Don’t let the name fool you. While Senate Democrats’ recent proposal to raise taxes and spend more taxpayers’ money is dubbed the Inflation Reduction Act, it would actually do the opposite. The bipartisan Joint Committee on Taxation estimates the bill would hurt Americans in every income bracket, since more than half of the new taxes will be levied on people earning less than $400,000 a year. Democrats also want to raise taxes on businesses at a time of negative economic growth and record inflation.
Under the voting proposal, companies with more than $1 billion in a new type of book income called “financial year adjusted income” would be subject to a new minimum tax, which is essentially a tax on manufacturing. If it comes into force, its impact could be far-reaching. Last year, around 200 American companies should have been subject to this tax. These companies employed about 18 million Americans in 2021.
https://www.wsj.com/articles/schumer-manchin-throws-the-book-tax-at-us-companies-manufacturing-investment-gdp-wages-competition-china-1986-reform-income-11659539104 Schumer-Manchin Throws the Book Tax at U.S. Companies