Workers in These States Would Pay Most Under Biden’s New Business Tax

Where will President Joe Biden and congressional Democrats get the money to finance their large expansion of subsidies for green energy and extension of Obamacare subsidies for the upper middle class?

The simple answer is: “From hardworking taxpayers.”

Taxpayers across the income spectrum should expect they ultimately will pay for the left’s deceptively named Inflation Reduction Act.

But the new taxes would fall more heavily across specific industries and parts of the country. The largest tax in the bill, the new “book minimum tax,” accounts for $222 billion of the more than half a trillion dollars of expected new tax collections. The book minimum tax would hit manufacturing disproportionately.

Since the committee released those estimates, Senate amendments to the legislation likely have reduced manufacturing’s share of the tax somewhat. However, even using a conservative estimate, manufacturing likely still would bear at least 2.5 times as much of the burden of the tax, relative to the sector’s size as a share of the economy.

Foreign manufacturers would not be subject to the new tax unless they have significant U.S. operations.

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