ACC Statement Regarding Chemical Tax Repeal Act
WASHINGTON (December 2, 2021) – The American Chemistry Council today released the following statement from its President and CEO Chris Jahn regarding Senate introduction of the Chemical Tax Repeal Act.
“We welcome the Chemical Tax Repeal Act and commend Senators Cruz, Inhofe, Kennedy, Toomey and Lee for their leadership on this critical issue for our nation’s economy. While the Infrastructure Investment and Jobs Act aims to modernize America’s infrastructure, an important goal we can all agree on, perplexingly it also imposes new Superfund excise taxes on 42 chemicals, critical minerals, and metallic elements—materials used in manufactured goods, including the very items needed for infrastructure development and climate progress.
“As a result of this new Superfund tax, America’s global manufacturing competitiveness is threatened by countries like China, and consumers will pay more for a variety of goods. This when Americans are already struggling with surging inflation and rising prices. This misguided ‘pay-for’ singles out the chemical industry, which has been a driver of U.S. investment and job creation over the past decade.
“We urge the Senate to swiftly pass the Chemical Tax Repeal Act in order to reverse this provision that will have far-reaching, negative consequences for our nation’s economy.”