Republicans do not consider repealing a 15% tax on big corporations a big priority, the Washington Examiner reported.
President Joe Biden last week signed into law a climate and healthcare spending bill that Democrats labeled the Inflation Reduction Act, which imposes a 15% tax on big corporations' "book income" — income they report to financial investors rather than the IRS.
Although GOP lawmakers see the book income tax as bad policy, a source told the Examiner that caucus members are not likely to take up the cause of repealing the specific tax while campaigning.
"There is a limited amount of capital here for us to deploy, and I can't see this being where they want to focus," said the Examiner source, who added that Republicans would support repealing the tax despite it not being "anywhere near" the top of their priorities list.
The GOP appears more focused on extending expiring and expired pieces of the 2017 Trump tax cuts. They also want to push for full expensing, which allows businesses to write off the cost of new investments immediately, and prolong individual and business tax provisions that are set to expire in 2025, the Examiner said.
One factor in not promoting repealing of the book income tax is that it doesn't apply to all corporations, just those with adjusted financial statement income exceeding $1 billion.
And although Republicans have championed corporate tax cuts for decades, they currently have issues with some of the world's biggest companies that support climate and healthcare legislation.
BP and Shell were among corporations that endorsed the partisan legislation, which garnered no GOP support. Angry Republicans said the companies were working against pro-commerce policies to garner favor with Democrats.
The Ford Motor Company joined the two oil giants and more than three dozen companies that signed a letter saying that Congress should "quickly pass the Inflation Reduction Act to deliver the investments and incentives Americans need today and to power the economy of tomorrow."
There also appears to be broader, and deepening, tensions between the GOP and corporations that have been siding with progressives on social concerns such as abortion and state voting laws.
Veteran GOP consultant Jason Roe told the Examiner that there's a contingent of Republican voters who want to see the party go after corporations for perceptions of their "wokeness."
"Especially after the decades that Republicans have carried water for the business community and protected them, to have this convenient stiff arm at this time is not well received," Roe told the Examiner.
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