Sen. Joe Manchin (D-WV) conveyed Monday there are not enough votes in the Senate to pass President Joe Biden’s $2.25 trillion infrastructure proposal due to six or seven Democrats who oppose raising the corporate tax rate to 28 percent.
“Senator Joe Manchin just said Democrats do not have the votes to pass the American Jobs Plan in the U.S. Senate. Manchin says he knows of 6 or 7 Democrats who agree hiking the corporate tax rate to 28% would put the country’s competitiveness at risk,” according to a Fox Business reporter.
If Manchin’s vote count is accurate, it indicates Biden may have a tough time raising corporate taxes above the 25 percent rate Communist China charges American businesses. The United States’ current corporate tax rate, set by former President Trump, stands at 21 percent.
Trump has voiced opposition to Biden’s “radical” and “largest tax hike in American history” as a “massive giveaway to China” that will displace thousands of “factories, millions of jobs, and trillions of dollars to these competitive Nations.”
The legislative push has also been opposed by congressional Republicans, who believe the proposal encompasses components “beyond traditional investments in railways, bridges, and roads to include subsidies for eldercare, affordable housing, and research and development to address the warming of the globe,” Breitbart News reported.
“Not even six percent of President Joe Biden’s massive $2 trillion ‘infrastructure’ bill would be used to build roads and bridges,” Sen. Marsh Blackburn (R-TN) told Breitbart News. “Biden’s plan includes the largest tax hike in nearly three decades, but of course, coastal elites will have their taxes slashed. It will strip Americans of their right to work by forcing them to join Democrat-backed unions.”
House Minority Whip Steve Scalise (R-LA) has also said, “When you raise taxes … companies start moving their jobs overseas again, like they were doing when we had high taxes a few years ago. That means we lose middle class jobs.”
Senate Minority Leader Mitch McConnell (R-KY) referred to the proposal as a Trojan horse. “It’s called infrastructure, but inside the Trojan horse, it’s going to be more borrowed money and massive tax increases on all the productive parts of our economy,” he said.
COMMENTS
Please let us know if you're having issues with commenting.