Manchin: Reconciliation Bill ‘Correcting’ ‘A tax cut that should never have happened’, ‘No tax increase’, #Manchin #Reconciliation #Bill #Correcting #Tax #Break #Raising #Taxes Welcome to OLASMEDIA TV NEWSThis is what we have for you today:
On Thursday’s broadcast of West Virginia MetroNews’ “Talkline with Hoppy Kercheval,” Senator Joe Manchin (D-WV) stated that eliminating the carry-rate loophole and demanding a minimum tax of 15% on large corporations “will increase revenues.” are in the reconciliation deal, but the deal doesn’t raise taxes because “probably 90% of companies in America” already pay 15% taxes, and he wants to know which companies “pay for the opportunity to be in this country with the defense we have, protections we have and opportunities, and they don’t want to participate?” He also said the bill “corrects a tax code that gave a tax break that never should have been, where people could go to zero, pay the biggest corporations nothing for this great opportunity they have and the protection they have in this amazing country.” .”
manchin said, [relevant remarks begin around 3:55] “[W]e got up to three earnings. Tell me why a $1 billion company means the largest corporations in America don’t pay at least 15% in taxes. The tax rate was 35%. It went to 21% under Trump, and you would think, my God, what a… [saving], 14%. And then we said, can’t we at least set a minimum of 15%? Since we found out with the tax code, there were some very, very, very large companies that could basically take advantage of the tax code and pay nothing. I didn’t think that was fair. And I think most Americans don’t think that’s fair. … So that’s one. … And then the other thing, on the carry rate, the richest 0.1% of Americans benefit from a tax break for them that they are not at risk at all and they get to take the lowest tax rate. So we’re done with that.”
After discussing Medicare negotiations on drug prices, Manchin stated, “I knew, whatever we do, if we could do something good now and have an energy policy that worked and would do all of this without raising taxes, really no raise taxes and not add to inflation, and I’m going to walk away from that because I think it will hurt me politically, then I’m the wrong person to be where I am now, so this is what I did. account for the country.”
Host Hoppy Kercheval then stated that the bill will increase taxes, asking, “Should taxes be raised at a time when the economy is in recession?”
Manchin replied, ‘Which companies, tell me, what companies we tax that don’t pay at least 15%? I guarantee you that probably 90% of the companies in America pay the 21 or 15… that’s ridiculous to say that oh, we raise – no, they pay for the ability to be in this country with the defense that we have, protections we have and opportunities, and they don’t want to participate? I want them to come forward, tell me who you are.”
Manchin later said Republicans can’t support the bill “because they made a promise” [on] none of the taxes change. That means some of the biggest profitable companies in America don’t have to pay at least 15% [tax rate] while the rest of the country pays 21% and more. And if they weren’t, this would be a bill they’d love.”
Later Kercheval asked Manchin about his prior comments that taxes should not be tampered with or increased during a recession.
Manchin replied, “I’m eager to be hit hard because I want to know who are the ones who don’t pay. I spoke to my good friend Mitt Romney, he says, I don’t know who isn’t paying. I said, Mitt, if you find out, let me know, because I can’t figure it out either. And 15%, I mean, if the minimum tax – corporation tax that people in America pay is 21%, why are people – why is anyone or any company upset by not paying 15? So yeah, I’m curious who they are. Come forward.”
He added: “I don’t know how it can be inflationary. They say, well, if they pay zero, you mean they’re going to pay 15% more now. So they’re going to pass the 15% more because they paid zero before? And they are not held responsible for that?”
Manchin concluded, “We’re correcting a tax code that gave a tax advantage that never should have been, where people could go to zero, pay the biggest corporations nothing for this great opportunity they have and the protection they have in this amazing country.”
Follow Ian Hanchett on Twitter @IanHanchett