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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]
BucEyedPea 08:29 AM 04-06-2021
Originally Posted by bsp4444:
Trump's corporate tax cuts resulted in highest buy back of stock by corporations...that's your trickle down economics.
So you're a commie-thinking type too? Figures. :-)

Those tax increases get passed onto you and I, dumbass.
[Reply]
AdolfOliverBush 08:32 AM 04-06-2021
Originally Posted by BucEyedPea:
So you're a commie-thinking type too? Figures. :-)

Those tax increases get passed onto you and I, dumbass.
And tax decreases do not.
[Reply]
tooge 08:34 AM 04-06-2021
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.
You misquoted the article. It doesnt mention Trump in that sentence. You did. Busted. Don't make shit up man. The larger tax revenue increases all happened after 2017 when Trump got his tax cuts passed. Look at the chart
[Reply]
Direckshun 08:36 AM 04-06-2021
I just want to be clear, here.

Manchin still wants the corporate tax rate up, but only to 25% rather than 28%, and he wants to close a ton of loopholes used by the wealthy to skate on taxes?

I don't think that deals a fatal blow to anything, correct?
[Reply]
AdolfOliverBush 08:37 AM 04-06-2021
Originally Posted by tooge:
You misquoted the article. It doesnt mention Trump in that sentence. You did. Busted. Don't make shit up man. The larger tax revenue increases all happened after 2017 when Trump got his tax cuts passed. Look at the chart
Bullshit, that's a direct copy-and-paste.
[Reply]
bsp4444 08:38 AM 04-06-2021
Originally Posted by BucEyedPea:
So you're a commie-thinking type too? Figures. :-)

Those tax increases get passed onto you and I, dumbass.
Way to make it personal. You're such a delight.
[Reply]
tooge 08:57 AM 04-06-2021
Originally Posted by AdolfOliverBush:
Bullshit, that's a direct copy-and-paste.
Oh, my bad. I see it in the "takeaways" section then Trump isn't mentioned in the actual article and the included chart, which you ignore, shows the tax revenue by percentage increased the most after Trumps cuts. Stop cherry picking to make a false point.
[Reply]
AdolfOliverBush 09:00 AM 04-06-2021
Originally Posted by tooge:
Oh, my bad. I see it in the "takeaways" section then Trump isn't mentioned in the actual article and the included chart, which you ignore, shows the tax revenue by percentage increased the most after Trumps cuts. Stop cherry picking to make a false point.
No cherry picking is necessary. Trump's tax cuts didn't magically become an exception to the rule.
[Reply]
tooge 09:08 AM 04-06-2021
Originally Posted by AdolfOliverBush:
No cherry picking is necessary. Trump's tax cuts didn't magically become an exception to the rule.
wrong. find some data and post it that shows that tax revenue decreased since Trumps tax cuts. Lets see it. The chart in the post earlier even shows it increasing.
[Reply]
lawrenceRaider 09:16 AM 04-06-2021
Originally Posted by tooge:
wrong. find some data and post it that shows that tax revenue decreased since Trumps tax cuts. Lets see it. The chart in the post earlier even shows it increasing.
It decreased form prior projections based on the old tax rate! So it is a decrease even though it is higher than previous years.

Kind of like how Democrats portray delaying increases on SS payments as cuts to benefits.
[Reply]
tooge 10:05 AM 04-06-2021
Originally Posted by lawrenceRaider:
It decreased form prior projections based on the old tax rate! So it is a decrease even though it is higher than previous years.

Kind of like how Democrats portray delaying increases on SS payments as cuts to benefits.
yeah thats not reality. if i suspect ill make more money next year but then make more but not as much more as i thought, I still made more.
[Reply]
scho63 10:11 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.
Your stupidity knows no limit! :-)

Decreasing taxes does not increase revenues is not the debate douchenozzle.

Decreasing tax RATES does increase revenues due to the increase in the velocity of money and greater productivity, spending and investing.

There is a point at which tax rate cuts become ineffective.

Go study the Laffer Curve.

Then come back with an educated answer for once! :-)
[Reply]
AdolfOliverBush 10:41 AM 04-06-2021
Originally Posted by scho63:
Your stupidity knows no limit! :-)

Decreasing taxes does not increase revenues is not the debate douchenozzle.

Decreasing tax RATES does increase revenues due to the increase in the velocity of money and greater productivity, spending and investing.

There is a point at which tax rate cuts become ineffective.

Go study the Laffer Curve.

Then come back with an educated answer for once! :-)
The Laffer Curve says to maximize revenue, tax rates should more than double.
[Reply]
chiefzilla1501 10:50 AM 04-06-2021
We need infrastructure in a very big way. Realistically govt is the best way to do it. But I don't trust politicians to spend even a little bit of that money wisely. In a perfect world corporations would pay taxes for infrastructure that solves problems for them. Rethinking our transportation networks especially sprinting towards autonomous will revolutionize commerce. So how do we get there? Seems like a question without an answer.
[Reply]
F150 10:57 AM 04-06-2021
Originally Posted by bsp4444:
Trump's corporate tax cuts resulted in highest buy back of stock by corporations...that's your trickle down economics.

So?
[Reply]
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