NWRA Urges Members of Congress to Reject the Corporate Book Minimum Tax
Arlington, VA – The National Waste & Recycling Association (NWRA) joined the U.S. Chamber of Commerce and other associations in a letter to members of Congress urging them to oppose the Inflation Reduction Act of 2022.
Ahead of Sunday’s Senate vote, NWRA President and CEO Darrell Smith stated: “We recognize that various provisions of the legislation are being updated. NWRA calls upon members of Congress to reject the misguided Corporate Book Minimum Tax. Increasing taxes on American job creators during a time of economic uncertainty has historically proven to be a costly mistake for our nation.”
The Inflation Reduction Act of 2022 includes taxes that would discourage investment and undermine economic growth.
Book income reporting standards are set by the Financial Accounting Standards Board (FASB), a nonprofit, private sector organization. Conforming taxable income to the book income standards set by FASB would outsource standards to be used for tax purposes that Congress should be setting and contradict decades of practice in the accounting and auditing fields.
The Senate voted 51-50 to pass the Inflation Reduction Act of 2022 on August 7; however, a Republican amendment to shield businesses that rely on capital investment from private equity groups from the 15 percent corporate minimum tax was adopted, with all 50 Republicans being joined by Sen. Kyrsten Sinema (D-AZ) in support.
The National Waste & Recycling Association (NWRA) represents the private sector waste and recycling services industry. Association members conduct business in all 50 states and include companies that manage waste, recycling and medical waste, equipment manufacturers and distributors, and various other service providers. For more information about NWRA, please visit www.wasterecycling.org.
National Waste & Recycling Association