On the same day that the Senate Parliamentarian told Chuck Schumer that he could pass Biden’s so-called infrastructure bill through the reconciliation process, Sen Joe Manchin of WV drove a wooden stake through the bill’s heart by declaring that he was against the bill because of the increase in the corporate tax rate.
To make matters worse for Schumer (A practice I heartedly endorse) there are more Democratic Senators who will not vote for the bill.
After Democratic governors locked down their states and devastated their economies is hardly the time to put more pressure on an already shaky system.
The bill is supposed to raise money to pay fo0r the liberal wish list with no upside whatsoever. But, there is no guaranty that the bill would raise nearly the amount Biden and the Democrats are counting on since many corporations would move out of the country and could mean fewer taxes and not more.
Biden’s plan would raise corporate taxes from 21% to 28%.
When President Trump cut the rate from 35%, he unleashed the economy and the country saw the unemployment rate hit new lows but Biden insisted that the opposite would not be true.
Best of all, the unemployment rates for Blacks and Hispanics hit all-time lows. Democrats claim the lowest unemployment among Blacks happened under their watch until they were told slavery doesn’t count.
Sen. Joe Manchin, an influential centrist Democrat, warned Monday that the Biden administration’s massive infrastructure package can’t pass in its current form because he and a handful of other Senate Democrats believe the corporate tax hikes proposed in the bill — designed to offset its costs — are too steep.
“As the bill exists today, it needs to be changed,” he told West Virginia Metro News host Hoppy Kercheval in a radio interview when asked if he supported or opposed President Joe Biden’s $2.25 trillion proposal.
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Manchin said he is against raising the current 21% corporate tax rate — which was put in place by the 2017 tax overhaul under the Trump administration — to 28% as called for in the bill and instead supports a middle ground 25% rate, which he called “fair.”
The West Virginia senator said he would use the “leverage” he has in the 50-50 Senate to demand changes before voting to take up the bill, which has been introduced but expected to go through weeks or months of negotiations before being debated on the floor.