Manchin's inflation bill includes BBB's 'most economically damaging provision,' analysis shows
FOX Business Flash top headlines for August 2
Check out what’s clicking on FoxBusiness.com.
Democrats' inflation bill includes a provision from the Build Back Better Act (BBB) which a nonpartisan analysis deemed the "most economically damaging provision."
The Inflation Reduction Act, introduced last week by Sen. Joe Manchin, D-W.Va., would introduce a 15% minimum tax on corporate book income, or the income that corporations list on public earnings reports. However, the same tax was included in BBB, President Biden's budget proposal that Manchin ultimately tanked over concerns the bill would dampen economic growth and worsen inflation.
The Tax Foundation, a nonpartisan tax policy research group, characterized the provision as a particularly harmful provision of BBB.
MOST AMERICANS WILL FEEL TAX PAIN FROM DEM INFLATION BILL DESPITE BIDEN'S PAST PROMISES: ANALYSIS
"The proposed 15 percent minimum tax on corporate book income is the most economically damaging provision in the bill," the Tax Foundation's analysis of BBB stated in December.