ChiefsPlanet Mobile
Page 1 of 7
1 2345 > Last »
Patteeu Memorial Political Forum>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 12:26 PM 04-05-2021
People here said Manchin would not go with Rs on things, when I said he was a key to blocking some of their most radical legislation. Well here he is. Good for him.
[Reply]
IowaHawkeyeChief 12:28 PM 04-05-2021
Originally Posted by BucEyedPea:
People here said Manchin would not go with Rs on things, when I said he was a key to blocking some of their most radical legislation. Well here he is. Good for him.
:-)... Manchin and the left think that raising the corp rate and the global minimum tax will raise long term revenue... simpletons.
[Reply]
AdolfOliverBush 12:36 PM 04-05-2021
Originally Posted by IowaHawkeyeChief:
:-)... Manchin and the left think that raising the corp rate and the global minimum tax will raise long term revenue... simpletons.
It would if tax loopholes were closed.

What's really ridiculous is the belief that lowering taxes increases revenue.
[Reply]
BucEyedPea 12:42 PM 04-05-2021
Originally Posted by IowaHawkeyeChief:
:-)... Manchin and the left think that raising the corp rate and the global minimum tax will raise long term revenue... simpletons.
Well, he didn't go for it here.

He no doubt will not be a slam-dunk for us on everything.

I had to laugh at the part where Psaki says " if we pay for it."
Originally Posted by :
We expect the question of how to pay for the package, if we should pay for the package, to be part of the disussion.

[Reply]
Pogue 12:44 PM 04-05-2021
Originally Posted by BucEyedPea:
People here said Manchin would not go with Rs on things, when I said he was a key to blocking some of their most radical legislation. Well here he is. Good for him.
Manchin is still for tax increases. Which means everyone but corporations will be paying it.
[Reply]
Donger 12:45 PM 04-05-2021
Good. Use the federal fuel taxes to pay for it, since that's what that revenue is for.
[Reply]
Just Passin' By 12:52 PM 04-05-2021
What's the bribe going to be to flip Manchin on this one?
[Reply]
Hydrae 01:16 PM 04-05-2021
Originally Posted by Donger:
Good. Use the federal fuel taxes to pay for it, since that's what that revenue is for.
Isn't the gas tax still at a fixed number, not a percent of anything? And has been for decades now. Maybe that is what should be addressed to help generate revenue for infrastructure (at least road related infrastructure).

There are 4 million miles of roads total in the US (LINK) if you combine paved and unpaved. At an average of $1,000,000 per mile we could rebuild every single mile of road in this country for $4 Trillion. :-)
[Reply]
philfree 01:16 PM 04-05-2021
Infrastructure? I've driven coast to coast in this country in the last 5-6 years and the highways I drove were fine. That's got me thinking it's a hoax to get a bunch of federal tax dollars to repair the roads and streets in the big blue cities. The Infrastructure Hoax!
[Reply]
Over Yonder 01:19 PM 04-05-2021
Originally Posted by Just Passin' By:
What's the bribe going to be to flip Manchin on this one?
This is the bottom line. Manchin is as close to the right as you get out of a modern Democrat, but he is still a Democrat. His vote will be on auction to the highest bidder. And I can't fault him there. It's the way the game of politics is played these days. This potentially gives him some red meat to throw at his voters. He is in a blood red state and he needs all the help he can get come re-election time IMO
[Reply]
eDave 01:19 PM 04-05-2021
Originally Posted by philfree:
Infrastructure? I've driven coast to coast in this country in the last 5-6 years and the highways I drove were fine. That's got me thinking it's a hoax to get a bunch of federal tax dollars to repair the roads and streets in the big blue cities. The Infrastructure Hoax!
So why did Trump want one, as well as you (presumably) at the time?
[Reply]
Donger 01:20 PM 04-05-2021
Originally Posted by Hydrae:
Isn't the gas tax still at a fixed number, not a percent of anything? And has been for decades now. Maybe that is what should be addressed to help generate revenue for infrastructure (at least road related infrastructure).

There are 4 million miles of roads total in the US (LINK) if you combine paved and unpaved. At an average of $1,000,000 per mile we could rebuild every single mile of road in this country for $4 Trillion. :-)
Yes, it's $0.184 on gasoline and $0.244 on diesel. Generates $35 billion/year. We built the entire IHS for $500 billion.
[Reply]
vailpass 01:21 PM 04-05-2021
Originally Posted by Just Passin' By:
What's the bribe going to be to flip Manchin on this one?
Good question.
[Reply]
philfree 01:30 PM 04-05-2021
Originally Posted by eDave:
So why did Trump want one, as well as you (presumably) at the time?
My experiences aside I'm sure we could use some sort of infrastructure bill but what the Dems are doing is a bunch of bullshit. They just want to get a huge pile of cash to spend. Once they have it they'll reapportion it and spend it willy nilly. After that they'll tax the shit out of everyone and everything. You're kinda peeps.
[Reply]
Page 1 of 7
1 2345 > Last »
Up