Democrat Senator Joe Manchin revealed he will not support President Biden’s proposed corporate tax hike to pay for his massive $2.3 trillion infrastructure bill. The moderate Democrat says that Biden’s plan to raise the corporate tax rate up to 28% is too high and could negatively impact American competitiveness.
Fox Business reports:
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.
“As this bill exists today, it needs to be changed,” he said during a radio interview with West Virginia MetroNews. “Bottom line is, that’s what legislation is all about. This bill will not be in the same form you’ve seen introduced or seen people talking about.”
“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.”
Sen. Manchin suggested the package could be paid for by boosting the corporate rate to 25% and closing tax loopholes used by some wealthy Americans to dodge taxes.