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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
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F150 10:58 AM 04-06-2021
Originally Posted by chiefzilla1501:
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.

Its not likely to happen is why.
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petegz28 10:59 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 what? That's for the shareholders to worry about.
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Direckshun 12:31 PM 04-06-2021
Originally Posted by Direckshun:
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?
I'm assuming this post is factually accurate, since no one is correcting me?
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chiefzilla1501 01:02 PM 04-06-2021
Originally Posted by F150:
Its not likely to happen is why.
What's not, smart infrastructure? It's already happening. But we're way behind the world on it.
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vailpass 01:22 PM 04-06-2021
Originally Posted by Direckshun:
I'm assuming this post is factually accurate, since no one is correcting me?
Nobody is answering because nobody wants you here. Now go away you fucking shill.
[Reply]
Over Yonder 01:32 PM 04-06-2021
Originally Posted by lawrenceRaider:
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.
If nothing else ever comes out of a talk about taxes, I wish everybody on the planet would tattoo this on the inside of their eyelids!!! STONE COLD TRUTH!!!!

Like I have said many times before, I'm fine with taxing employers through the teeth if it makes everybody feel better. Just so long as folks understand by doing so, the consumer pays the tab.
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Hydrae 07:38 PM 04-06-2021
Originally Posted by Over Yonder:
If nothing else ever comes out of a talk about taxes, I wish everybody on the planet would tattoo this on the inside of their eyelids!!! STONE COLD TRUTH!!!!

Like I have said many times before, I'm fine with taxing employers through the teeth if it makes everybody feel better. Just so long as folks understand by doing so, the consumer pays the tab.
It isn't like they are going to decrease their profits or compensation packages. So any extra costs, including increased taxes, are passed straight through.
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Discuss Thrower 07:40 PM 04-06-2021
So when does Manchin get a post office named for him in order to grease the wheels on Heels Up Harris' Spending Spree?
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Over Yonder 05:39 PM 04-07-2021
Originally Posted by Hydrae:
It isn't like they are going to decrease their profits or compensation packages. So any extra costs, including increased taxes, are passed straight through.
Yup. That's how capitalism works :-)
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HonestChieffan 07:01 PM 04-07-2021
Originally Posted by chiefzilla1501:
What's not, smart infrastructure? It's already happening. But we're way behind the world on it.

Who are we behind? Ive read theses sorts of statements but damn if I can see who we lag.

Ive traveled a lot, Europe, UK, Canada, Mexico.......and no to one country I can think of is ahead of the US in this arena

In fact I would propose we are ahead

Supply your information with details comparing the US to others please?
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scho63 01:13 PM 04-08-2021
New York and California taxing the wealthy out the door.

They are creating greater deficits and LESS revenues with more and more tax hikes.

Democrats are so fucking stupid.
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Just Passin' By 01:21 PM 04-08-2021

[Reply]
Pogue 01:45 PM 04-08-2021
Originally Posted by scho63:
New York and California taxing the wealthy out the door.

They are creating greater deficits and LESS revenues with more and more tax hikes.

Democrats are so ****ing stupid.
The wealthy arenít complaining because they know they just pass it on.
[Reply]
cosmo20002 02:25 PM 04-08-2021
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.
After Reagan's tax cut, he then signed the largest tax increase in history at that time.
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Just Passin' By 03:11 PM 04-08-2021
Manchin, again

Originally Posted by :
Sen. Joe Manchin in an op-ed said that he will not vote to nix or weaken the filibuster.

"The filibuster is a critical tool to protecting that input and our democratic form of government. That is why I have said it before and will say it again to remove any shred of doubt: There is no circumstance in which I will vote to eliminate or weaken the filibuster. The time has come to end these political games, and to usher a new era of bipartisanship where we find common ground on the major policy debates facing our nation," Manchin wrote...

Sen. Manchin: 'There is no circumstance in which I will vote to eliminate or weaken the filibuster'



Looks like they're gonna need a better bribe.
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