Top House Republicans are slamming a last-minute addition to the Senate tax bill that has drawn the scorn of corporate America.
In its frantic push to win votes for its tax plan on Friday, Senate Republicans added back a corporate alternative minimum tax, which a separate House plan would eliminate along with an individual AMT. The provision, which helped the Senate to offset the cost of other tax breaks in its plan, has now emerged as a sticking point as the chambers get set to work toward a joint, final bill.
"I think that both the individual and the corporate AMT — it's costly, it's complex — really on the business side, undermines many of the pro-growth and pro-American provisions in the tax code," Rep. Kevin Brady, R-Texas, who is set to lead the House and Senate conference committee, told CNBC's "Squawk Box" on Tuesday.
On Monday, House Majority Leader Kevin McCarthy, R-Calif., told CNBC that "I think [the corporate alternative minimum tax] has to be eliminated because that would destroy [research and development." The tax "should be eliminated for sure," McCarthy added.