Manchin Opposes Biden Tax Increase
President Joe Biden’s proposal to raise the corporate tax rate from 21% to 28% to fund his massive infrastructure plan already has at least one Senate democrat in opposition: Joe Manchin, D-W.Va.
During a segment Monday on statewide Talkline, Manchin said raising the corporate tax rate above 25% would be a non-starter for his support.
“We can’t continue to throw caution to the wind, and both sides — Democrats and Republicans both — have been irresponsible with their financial responsibilities that we have for our country and our future generations,” he said.
Biden’s proposal will attempt to generate $2 trillion over 15 years to help fund the once-in-a-generation infrastructure plan through stricter corporate tax policies along with a crackdown on offshoring.
His proposal to increase the U.S. corporate tax rate to 28% from 21% would amount to a partial rollback of former President Donald Trump’s 2017 tax cuts.
Biden’s plan, if adopted, would also make it harder for multinational companies to qualify for federal tax deductions based on tax payments to certain foreign governments.
In an evenly split Senate, Manchin’s opposition should serve as a warning to Biden that a tax-and-spend administration won’t be tolerated. He should continue to oppose the bill until a more realistic plan focused on real improvements to the nation’s infrastructure is presented,