Tuesday, May 28, 2024

Kennedy, Cruz introduce bill to repeal Biden’s Superfund Tax, protect Louisiana’s chemical jobs

by BIZ Magazine

WASHINGTON – Sen. John Kennedy (R-La.) joined Sens. Ted Cruz (R-Texas), John Barrasso (R-Wyo.) and Mike Lee (R-Utah) in introducing the Chemical Tax Repeal Act to eliminate the Superfund Tax that President Biden’s infrastructure package imposed on job creators in Louisiana and elsewhere.

The White House’s petrochemical tax is targeting Louisiana’s industry specifically—and it’s working. President Biden’s rampant inflation and fake infrastructure bill are still ravaging our economy, and his administration’s $1.3 billion tax on Louisiana industry will hurt jobs and job creators. Congress must repeal this tax before it does too much damage to the economy,” said Kennedy.

“Inflation has skyrocketed under President Biden, and his Chemical Tax would only make things worse. This tax increases prices on Texas and American manufacturers, driving up the prices of everyday household items that families need. Repealing this tax would benefit those most harmed by Washington’s out-of-control, inflation-driving spending: American families and those on a fixed income,” said Cruz.

The Superfund Tax that Pres. Biden’s ill-named infrastructure bill implemented targets Louisiana’s petrochemical industry directly. These manufacturers will pay an estimated $1.3 billion in new taxes over 10 years, or $130 million a year—second only to Texas. The newly-signed law increases the Superfund Tax to twice its prior levels. It imposes roughly $14.5 billion in taxes on 42 different chemicals, critical minerals and metallic elements that are the building blocks of common household items such as plastics, rubber, concrete, soap, lightbulbs and electronics.

Groups against the Superfund tax include the National Taxpayers Union, Americans for Prosperity, Americans for Tax Reform, the Council for Citizens Against Government Waste, Freedom Works and the Taxpayers Protection Alliance.

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