Central Louisiana News

U.S. Senators Bill Cassidy and John Barrasso, along with several colleagues, have introduced a bill aimed at repealing a significant tax increase from the Democrats' 2022 legislation. The tax in question is seen as an obstacle to investment, production, and manufacturing within the United States.

"The American dream is becoming out of reach for many Americans. We should be investing in American energy, manufacturing, and jobs," stated Dr. Cassidy. He emphasized that the proposed bill supports American workers and his home state of Louisiana.

Senator Barrasso criticized the book minimum tax as "reckless and complicated," arguing that it undermines the nation's supply chain and energy security while driving jobs and investments overseas. He added, "Companies that want to invest in our country, create more American jobs, and unleash American energy don’t need more punishing taxes."

The book minimum tax targets U.S. job creators who are investing domestically by removing provisions designed to foster economic growth. It also reportedly creates loopholes benefiting special interest groups. The proposed Book Minimum Tax Repeal Act seeks to eliminate this provision and prevent unelected officials from influencing tax policy in favor of certain industries.

The bill has garnered support from several organizations including 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 Western Energy Alliance.

In addition to Senators Cassidy and Barrasso, the legislation is cosponsored by 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).