Today, the Communications Workers of America (CWA) announced that its review of the Inflation Reduction Act has determined that the bill will provide a significant boost to American manufacturing and create opportunities for good union manufacturing jobs across the country.
The Inflation Reduction Act will significantly boost American manufacturing in several ways:
- Provides tens of billions of dollars in funding for investment and production tax credits for renewable energy sources, including wind turbines, with strong domestic content incentives;
- Provides billions of dollars for the manufacturing of components that are critical in the renewable energy supply chain;
- Tightens the carried interest loophole that has provided tax advantages for private equity firms like OpenGate Capital that have hollowed out, bankrupted and offshored work at manufacturing companies that they have taken ownership of;
- Establishes a 15 percent corporate minimum tax that will close loopholes used by companies that shift assets and manufacturing overseas to pay less than their fair share.
“For decades, the offshoring of family-supporting union manufacturing jobs resulting from pro-corporate tax and trade policies has lowered wages for and taken away opportunities from workers in the United States,” said CWA Director of Government Affairs Dan Mauer. “By rebuilding the American manufacturing base and ensuring that workers in these new jobs have a fair chance to organize, we can reverse this trend and create opportunities for a better future for millions of working families.”