Senator Joe Manchin of West Virginia confirmed Monday that he will not support President Biden’s proposed tax hikes on American corporations as part of his $2.3 trillion program to help finance new government programs.
“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,” reports Fox News.
“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 president felt it was responsible to propose a way to pay for his proposals,” White House press secretary Jen Psaki fired back. “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.”
h/t Fox News