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Washington DC and The Holy Land>Manchin rejects Biden's corporate tax hike
petegz28 12:24 PM 04-05-2021
Sen. Joe Manchin, D-W.Va., said Monday that he does not support President Biden's proposed tax increases on corporations as part of a nearly $2.3 trillion spending proposal, potentially dealing a fatal blow to a key revenue raiser included in the infrastructure initiative.

Biden's plan would raise the corporate tax rate to 28% from 21% and increase the global minimum tax on U.S. companies to 21% from about 13%. The White House said the tax increases would pay for the proposed investments in the nation's roads and bridges, transit systems, schools and hospitals over the course of 15 years.

But Manchin — a moderate Democrat who has become one of the most powerful members of the 50-50 Senate — said that 28% is too high and could hurt American competitiveness. He suggested the package could be paid for by boosting the corporate rate to 25% and closing tax loopholes used by wealthy Americans to dodge taxes.

Republicans have widely rejected the sweeping economic package, meaning that Democrats will almost certainly have to pass the measure via budget reconciliation, the obscure Senate rule the party used last month to approve Biden's $1.9 trillion American Rescue Plan without a single GOP vote. With narrow majorities in the House and Senate, Democrats will need to secure the support of almost every member in their party to muscle through the package.

"If I don't vote to get on it, then it's not going anywhere, so we're going to have some leverage here," Manchin said. "It's more than just me. There's six or seven other Democrats who feel very strongly about this. We have to be competitive, and we’re not going to throw caution to the wind.”

The White House has said it welcomes feedback from lawmakers on how best to address infrastructure, which is broadly viewed as a bipartisan issue in Washington.

"The president felt it was responsible to propose a way to pay for his proposals," White House press secretary Jen Psaki said Monday when asked about Manchin's comments. "That's exactly what he did. He knows some members think it's too big, some think it's too small...We fully expect that from Sen. Manchin and other members. We expect the question of how to pay for the package, if we should pay for the package, to be part of the disussion. We're open to hearing ideas."

https://chiefsplanet.com/BB/newthrea...newthread&f=30
[Reply]
Hydrae 03:55 PM 04-05-2021
Originally Posted by Donger:
The non-adjusted cost of the IHS was $115 billion, not $500 billion. So, if inflation-adjusted is $10 to $1, that's just over $1 billion, not $5 billion.
That probably works. It is a trillion though, not a billion. Of course IHS roadways are much more expensive on a per mile basis than your neighborhood street. But overall I think the $1 million per mile average would still hold. $1 trillion for IHS, $3 trillion for every other mile of road in this country. I bring this up because we have spent well over $4 trillion just in Covid relief. Maybe we could have put people to work (outdoors, easy to distance) with that money and fixed that portion of the infrastructure instead of just giving gifts to most everyone.
[Reply]
Just Passin' By 03:55 PM 04-05-2021
Originally Posted by Pogue:
None. Democrats love loopholes. Thatís why they get millions in speaking fees at corporation x. (Example: Hillary made 153 million in speeches from banks etc and never closed any loopholes.)

Eliminate all tax loopholes. Eliminate all tiered taxation. Go for a flat tax amendment, with the top percentage Constitutionally restricted unless there's an existing state of war, including a Congressional declaration.

Even better, just eliminate the personal income tax entirely. It should never have been agreed to in the first place.
[Reply]
Pogue 04:07 PM 04-05-2021
Originally Posted by AdolfOliverBush:
Yes, and look at all the Republicans scrambling to close all tax loopholes. :-)

I already answered his question.
Democrats know where their bread is buttered, they wonít close any loopholes. They actually create the loopholes, they use the loopholes. It was disclosed in the previous election cycle that Biden used a loophole that Obama railed against. Check it out:

Originally Posted by :
Democratic presidential candidate Joe Biden used a tax loophole that the Obama administration tried and failed to close, substantially lowering his tax bill.

Mr. Biden and his wife, Dr. Jill Biden, routed their book and speech income through S corporations, according to tax returns the couple released this week. They paid income taxes on those profits, but the strategy let the couple avoid the 3.8% self-employment tax they would have paid had they been compensated directly instead of through the S corporations.

The tax savings were as much as $500,000, compared to what the Bidens would have owed if paid directly or if the Obama proposal had become law.


https://www.wsj.com/articles/joe-bid...ug-11562779300
[Reply]
Donger 04:15 PM 04-05-2021
Originally Posted by Hydrae:
That probably works. It is a trillion though, not a billion. Of course IHS roadways are much more expensive on a per mile basis than your neighborhood street. But overall I think the $1 million per mile average would still hold. $1 trillion for IHS, $3 trillion for every other mile of road in this country. I bring this up because we have spent well over $4 trillion just in Covid relief. Maybe we could have put people to work (outdoors, easy to distance) with that money and fixed that portion of the infrastructure instead of just giving gifts to most everyone.
Sorry, $1 trillion, not $5 trillion.
[Reply]
Pogue 04:23 PM 04-05-2021
Originally Posted by Just Passin' By:
Eliminate all tax loopholes. Eliminate all tiered taxation. Go for a flat tax amendment, with the top percentage Constitutionally restricted unless there's an existing state of war, including a Congressional declaration.

Even better, just eliminate the personal income tax entirely. It should never have been agreed to in the first place.
I donít disagree there, it essentially means the IRS goes bye bye.
[Reply]
IowaHawkeyeChief 04:28 PM 04-05-2021
Originally Posted by AdolfOliverBush:
Let me help you out. From your link:

"Tax cuts implemented by Presidents Bush, Obama, and Trump to drive economic growth further reduced revenues."

Tax cuts = reduced revenue.
:-)... This is as dumb as your comment about "money in the bank, so lower your income. "

Would you rather have 20% of $1000, or 30% of $600...

Do you really believe that the economy remains static regardless of tax law? So technically, you believe the bolded above is true, because tax laws didn't change corporate or individual behavior?


`
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RodeoPants2 04:56 PM 04-05-2021
Manchin hasn't really opposed the democratic party in any material way. He casts lots of dissenting votes when he's not the deciding vote, but I haven't known him to actually block an important initiative.

The changes he asks for here are relatively minor.

We'll see how long he holds on the filibuster.
[Reply]
petegz28 05:10 PM 04-05-2021
Originally Posted by AdolfOliverBush:
Ohh, I will clarify....under the dreaded Trump tax cuts, revenues increased every year....


er muh gerd!
[Reply]
vailpass 07:26 PM 04-05-2021
Originally Posted by philfree:
That's the link you posted.
:-)
[Reply]
scho63 08:07 PM 04-05-2021
Originally Posted by AdolfOliverBush:
It would if tax loopholes were closed.

What's really ridiculous is the belief that lowering taxes increases revenue.
You have easily become the dumbest fuck on this board and that's quite an accomplishment with competition from Oaktardhater, RodeoShitHisPants2xs, LonerIguana, LexLoser and DopesHammer.

Start with Reagan's tax cut to see how revenues to the government SURGED after the tax cut.

Learn about the VELOCITY of money.

If not just shut the fick up with your worthless, inaccurate troll dribble and spittle.
[Reply]
AdolfOliverBush 07:27 AM 04-06-2021
Originally Posted by scho63:
You have easily become the dumbest **** on this board and that's quite an accomplishment with competition from Oaktardhater, RodeoShitHisPants2xs, LonerIguana, LexLoser and DopesHammer.

Start with Reagan's tax cut to see how revenues to the government SURGED after the tax cut.

Learn about the VELOCITY of money.

If not just shut the fick up with your worthless, inaccurate troll dribble and spittle.
Decreasing taxes does not increase revenue. The data is clear.

Oh, and go fuck your mother, loser.
[Reply]
lawrenceRaider 07:49 AM 04-06-2021
Originally Posted by AdolfOliverBush:
Decreasing taxes does not increase revenue. The data is clear.

Oh, and go fuck your mother, loser.
No, it isn't clear. It depends on which part of the economic cycle we are in. During growth, lower taxes allows for more growth which increases tax revenue.

On the down side, lower taxes decreases tax revenue, but higher taxes will increase the slide so leads to a quicker trough.

Our current tax rates from the 2017 tax bill are too low in general, and didn't really help the middle as much as it should. The corporate tax rate is probably about right, though a slight tick up could be OK, but it would result in higher prices for everyone as no corporation has paid any expense it didn't pass on to consumers.

I don't disagree with Biden's proposal to increase taxes on incomes greater than $400k, even though that money goes further in the Midwest than on the coasts so isn't really equitable from that respect.
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bsp4444 08:27 AM 04-06-2021
Trump's corporate tax cuts resulted in highest buy back of stock by corporations...that's your trickle down economics.
[Reply]
tooge 08:27 AM 04-06-2021
Originally Posted by AdolfOliverBush:
All of them.

Some people may have a different definition of "loophole", but here's one link of many on the subject:

https://www.investopedia.com/news/ho...ng-income-tax/
Just an FYI. Stock options are great for employee pay packages if they are from a fortune 500 company. Also, depreciation encourages the companies to invest in better technology, real estate, equipment, gyms, cafeterias, etc which all benefit employees. Remove these loopholes, and raise corporate taxes, and in the end, the employees and consumers end up paying the price.
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BucEyedPea 08:27 AM 04-06-2021
Why would anyone want our central govt to have more money available to them? Only socialists,communists, fascists and other tyrants would wish to give it more power over our lives by getting their greedy hands on more money of the hard-working masses.
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