WASHINGTON, D.C. – U.S. Senator Bill Cassidy, M.D. (R-LA), along with Senator John Barrasso (R-WY) and other colleagues, has introduced legislation to repeal what they describe as the largest tax hike from the 2022 federal tax and spending bill. The senators argue that the “book minimum tax” makes it more difficult to invest, manufacture, and produce energy in the United States.
“The American dream is becoming out of reach for many Americans. We should be investing in American energy, manufacturing, and jobs,” said Sen. Cassidy. “This bill is pro-American worker and pro-Louisiana.”
The book minimum tax affects U.S. job creators by altering how companies calculate their taxable income. Critics argue that it removes longstanding provisions that promote economic growth while creating loopholes benefiting special interest groups.
“Reckless and complicated taxes like the book minimum tax undermine our nation’s supply chain, threaten our energy security, and send jobs and investments overseas,” said Sen. Barrasso. “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 Repeal Act seeks to end this provision and prevent unelected bureaucrats from influencing U.S. tax policy in favor of specific industries.
Industry and Legislative Support
The legislation is backed by key industry groups, including:
- National Association of Manufacturers
- American Petroleum Institute
- U.S. Chamber of Commerce
- Independent Petroleum Association of America
- Energy Infrastructure Council
Alongside Cassidy and Barrasso, the bill has been co-sponsored 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).
What’s Next?
The Book Minimum Tax Repeal Act will now move through the legislative process, where it will be debated in the Senate. If passed, it would eliminate this tax provision and potentially impact future investment and energy production decisions nationwide.