WingsOfGold
Well-Known Member
Extra tax on coal and energy. He might get egged. Billions more in inflation, the ridge runners won't like this. They aren't smart but they're not stupid.
‘They Still Need Joe Manchin’s Vote On Literally Everything’
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Manchin-Schumer Deal Raises Taxes on Millions of Americans, Even on Lower and Middle Class
Manchin talks about the 15 percent minimum corporate tax provision in the bill. That’s likely to cost everyone, as businesses are then going to pass along anything more they have to pay to the consumers. There are also going to be changes to the carried interest provision that are going to increase taxes on people. Perhaps one of the more concerning things is the more than 80,000 new IRS agents, who aren’t just going to be going after billionaires. Sen. Ted Cruz (R-TX) and Dana Loesch explained what a problem that’s going to be.
In Washington, a “loophole” is a euphemism for a perfectly legal policy that Democrats have decided they want to regulate or tax. The word “loophole” suggests that some ambiguous wording or omissions in the text of a bill have allowed people to exploit the law. Few of the Democrats’ “loopholes” meet this definition. Indeed, in most cases, the “loopholes” they’re talking about were deliberately written to exist in their present form.
Take the “carried-interest loophole,” which intentionally functions in tax code as a means of incentivizing investment, risk, and “sweat equity”—ownership stakes generated through work rather than just capital investment. Manchin might be looking for ways to raise “revenue” so he can tell constituents his bill won’t add to the deficit. And those who subscribe to zero-sum populist economics might want to punish private equity and redistribute wealth (though the American Investment Council says more than 74 percent of private equity investment went to small businesses in 2021). Whatever the case, no matter what Manchin says, none of the new taxes found in the reconciliation bill are now “owed to the Treasury and the United States people.”
That goes for the 15 percent corporate minimum tax, as well. First off, it needs repeating that corporate taxes are passed on to consumers or employees. Moreover, manufacturing companies, who spend lots on up-front capital investments—not the euphemistic “investments” preferred by politicians when talking about subsidies, but the real kind—are the ones who are going to end up being hurt (the Tax Foundation says this tax will kill 27,000 jobs). The bill Manchin supports will also reinstate the long-expired, failed superfund tax on crude and imported oil, which will also be tacked onto your energy bills. It’s unclear what “loophole” Manchin is claiming the superfund tax is closing.
thefederalist.com
Take the “carried-interest loophole,” which intentionally functions in tax code as a means of incentivizing investment, risk, and “sweat equity”—ownership stakes generated through work rather than just capital investment. Manchin might be looking for ways to raise “revenue” so he can tell constituents his bill won’t add to the deficit. And those who subscribe to zero-sum populist economics might want to punish private equity and redistribute wealth (though the American Investment Council says more than 74 percent of private equity investment went to small businesses in 2021). Whatever the case, no matter what Manchin says, none of the new taxes found in the reconciliation bill are now “owed to the Treasury and the United States people.”
That goes for the 15 percent corporate minimum tax, as well. First off, it needs repeating that corporate taxes are passed on to consumers or employees. Moreover, manufacturing companies, who spend lots on up-front capital investments—not the euphemistic “investments” preferred by politicians when talking about subsidies, but the real kind—are the ones who are going to end up being hurt (the Tax Foundation says this tax will kill 27,000 jobs). The bill Manchin supports will also reinstate the long-expired, failed superfund tax on crude and imported oil, which will also be tacked onto your energy bills. It’s unclear what “loophole” Manchin is claiming the superfund tax is closing.
It's Not A 'Loophole' Just Because Dems Don't Like It
There are no 'loopholes' being closed in the 'Inflation Reduction Act of 2022' reconciliation bill. There are only new taxes.
thefederalist.com
As bears reminding, Sen. Manchin--as well as the American people--could very well find themselves screwed over. Democrats such as Rep. Raúl Grijalva (D-AZ) who chairs the House Natural Resources Committee and now Rep. Pramila Jayapal (D-WA), who leads the House Progressive Caucus, have emphasized that they weren't part of the negotiations.
There's also mention of the trouble Rep. Grijalva (D-AZ) is looking to make when it comes to the deal:
That piece also makes note of Republican resistance to the bill, and how it could play into a Pelosi strategy, but again, it appears to more optimistic:
Manchin is going to get screwed ..... It's funny reading about D's whining about Clean Bills
There's also mention of the trouble Rep. Grijalva (D-AZ) is looking to make when it comes to the deal:
That piece also makes note of Republican resistance to the bill, and how it could play into a Pelosi strategy, but again, it appears to more optimistic:
Manchin is going to get screwed ..... It's funny reading about D's whining about Clean Bills
As bears reminding, Sen. Manchin--as well as the American people--could very well find themselves screwed over. Democrats such as Rep. Raúl Grijalva (D-AZ) who chairs the House Natural Resources Committee and now Rep. Pramila Jayapal (D-WA), who leads the House Progressive Caucus, have emphasized that they weren't part of the negotiations.
There's also mention of the trouble Rep. Grijalva (D-AZ) is looking to make when it comes to the deal:
That piece also makes note of Republican resistance to the bill, and how it could play into a Pelosi strategy, but again, it appears to more optimistic:
Manchin is going to get screwed ..... It's funny reading about D's whining about Clean Bills
The D's are giving away everything else why not more for their own .
Manchin popularity drops precipitously in West Virginia
Only 42% of registered voters approve of Manchin and 51% disapprove after the senator lost a lot of support from Republicans and independents. In a poll during the first quarter of 2022, his approval rating was close to 60% and his disapproval rating was less than 40%. The change in his approval rating could be rooted in his recent support for some of President Joe Biden’s policy agendas.
Manchin’s approval rating dropped significantly among independent voters, of which only 31% approve. His approval rating is 44% among Republican voters and 52% among Democratic voters. About 52% of independents disapprove of the senator, as do 53% of Republicans and 45% of Democrats.
Joe Manchin Delivers Knife to the Back That Could Kill Julie Su's Secy of Labor Nomination
As RedState reported in May, the Democrat has been on the fence about whether he would vote in support of the nomination of Julie Su to ascend to the Secretary of Labor role. As RedState has also reported, Su’s nomination continues to languish in the Senate and faces opposition from both Congressional and Senate Republicans. Many of the Senate Democrats have been mum on whether they plan to vote for Su, indicating the votes may not be present to get her over the finish line. As my colleague Brittany Sheehan wrote, Senate Majority Leader Chuck Schumer is still refusing to bring Su’s nomination forward for a floor vote, while 33 Republican senators wrote to President Joe Biden at the end of June requesting he rescind Su’s bid.
Business and advocacy groups have also worked tirelessly to keep Su’s failure and malfeasance in front of the nation. The International Franchise Association is one of those organizations, and they recently urged Manchin to vote against the nomination. All that is required is two Democrats and all Republicans to remain opposed for the nomination to be dead on arrival.