WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), John Kennedy (R-La.), Mike Lee (R-Utah), and John Barrasso (R-Wy.) today reintroduced the Chemical Tax Repeal Act to eliminate the Superfund Tax imposed by the Infrastructure Investment and Jobs Act. Sen. Cruz previously introduced this bill in 2021.
The 2021 infrastructure law imposed roughly $15 billion worth of taxes on 42 different chemicals, critical minerals, and metallic elements that are the building blocks of common household items such as plastics, rubber, concrete, soap, lightbulbs, and electronics. Texas is home to forty percent of the country’s chemical manufacturing plants, and would be heavily impacted by this tax.
Upon reintroduction, Sen. Cruz said:
“Inflation has skyrocketed under President Biden, and his Chemical Tax would only make things worse. This tax increases prices on Texas and American manufacturers, driving up the prices of everyday household items that families need. Repealing this tax would benefit those most harmed by Washington’s out-of-control, inflation-driving spending: American families and those on a fixed income.”
Deputy Director of the consumer advocacy group Consumer Choice Center, Yaël Ossowski, said:
“In a time of persistent inflation and escalating trade wars, we must do everything we can to ease imposed burdens and costs on consumers. Repealing taxes on necessary chemicals and components — all pivotal to American manufacturing, domestic production, and increased competition — is a great measure that will go a long way in making lives for consumers just that much easier. We praise any efforts that help make products and services more affordable for American families.”
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