Evidence is emerging that the new Schumer-Manchin 15% minimum tax on corporate-book income is especially harmful to U.S. manufacturing firms. An analysis by Congress’s Joint Committee on Taxation (JCT), which is hardly a nest of supply-siders, found that 49.7% of the tax would hit U.S. manufacturers.

The book-income minimum tax would hit the accelerated depreciation in the tax code that lets businesses write off investment in, say, new factories. Wholesale trade (9.3%), retail trade (4.9%) and information (11.5%) companies would get off relatively easy by comparison.

This new tax increase arrives only days after the Senate passed a $280 billion subsidy bill for computer-chip manufacturers in the name of keeping the U.S. globally competitive. Now Democrats want to take a chunk of that back for themselves via the minimum book tax. Subsidies for a few, tax increases for the many. So much for President Biden’s claim that he wants a renaissance in U.S. manufacturing.