Texas Representative Jodey Arrington (R) announced the Book Minimum Tax Repeal Act. The new legislation is cosponsored by Wyoming Senator John Barrasso (R).
“I am proud to work with @SenJohnBarrasso to introduce the Book Minimum Tax Repeal Act to protect American competitiveness and working families from even higher prices, fewer jobs, and lower wages,” tweeted Rep. Arrington.
I am proud to work with @SenJohnBarrasso to introduce the Book Minimum Tax Repeal Act to protect American competitiveness and working families from even higher prices, fewer jobs, and lower wages. https://t.co/aGUE4II5hZ
— Rep. Jodey Arrington (@RepArrington) May 16, 2023
Rep. Arrington took issue with the “book minimum tax” and claimed that it will hurt more than it will help.
“The book minimum tax is nothing more than a tried-and-failed tax hike that will undermine domestic investment, job creation, and U.S. manufacturing. This tax compliance nightmare gives unprecedented power to unelected bureaucrats and Democrat special interest carve outs,” said Rep. Arrington.
The Book Minimum Tax Repeal Act’s co-sponsor stated that the U.S.’s priorities should be energy-focused.
“Companies in the United States need to be focused on creating more American jobs and unleashing American energy. Reckless and complicated taxes like this undermine our supply chain, threaten our energy security, and send jobs and investment overseas,” said Senator Barrasso.
The Senator continued to promote building the American economy.
“Businesses looking to build our economy and invest in Wyoming don’t need more punishing taxes. They especially don’t need unelected bureaucrats to have more control of U.S. tax policy. We need to repeal this once-failed tax once and for all.”
President and CEO of American Institute of CPAs, Barry Melancon, expressed his support for the bill.
“The AICPA continues to oppose the corporate AMT, which increases tax code complexity and risks interfering with accounting rule making and financial reporting. We are grateful to Rep. Arrington for his leadership on this issue,” said Barry Melancon, CPA, CGMA.
Managing Vice President Chris Netram shared a similar sentiment to Melancon.
“The Book Minimum Tax Repeal Act will help ensure that the next manufacturing dollar is spent in America and enable the growth of family-supporting manufacturing jobs. We thank Representative Arrington for his support of the manufacturing sector and urge Congress to pass this important legislation,” said Netram.
Vice President of Government Relations and Political Affairs for the Independent Petroleum Association of America, Ryan Ullman expressed his desire to keep energy prices at an “affordable” level.
“Raising taxes on energy means raising costs for working families. IPAA applauds Rep. Arrington's efforts to keep energy reliable and affordable for all Americans,” said Ullman.
Texas politicians have been working constantly to address issues in the state ranging from energy crises to gun legislation.
8 people were gunned down in Allen, TX, marking another mass shooting in the state. The state of Texas has faced multiple mass shootings this year, leaving many citizens frustrated at the lack of gun legislation.
Many Democratic lawmakers have been working tirelessly to amend the existing gun laws. Furthermore, Texas representatives received good news after successfully passing a new bill looking to further restrict gun laws.