Political Quotes

“Madam Speaker, I include in the Record the following Joint Committee on Taxation analysis that shows that American manufacturers are hardest hit by the Democrats' made in America tax--$200 billion-- and they will pay over half of that tax. Congress of the United States, Joint Committee on Taxation, Washington, DC, August 11, 2022. Memorandum To: Redacted From: Thomas A. Barthold Subject: Revenue Estimate This memorandum is in response to your request for an estimate of how the burden of the corporate minimum financial statement income tax as contained in section 10101 of an amendment in the nature of a substitute to H.R. 5376. ``An Act to Provide for Reconciliation Pursuant to Title II of S. Con. Res. 14'' as passed by the Senate on August 7, 2022, would fall across different industrial sectors. Business income tax returns ask taxpayers to report the industry in which they are primarily engaged, identifying the industry by the code numbers established under the North American Industrial Classification System (``NAICS code''). This is self-reported and the Internal Revenue Service does not verify the accuracy of the classification stated by the taxpayer. The NAICS code system allows data to be aggregated at different levels of general categorization. Two-digit codes are the broadest categorization. For example, code 31 encompasses all manufacturing.…”