Jacobin: Joe Manchin Wants To Keep the Corporate Tax Rate As Low As Possible

Somehow, I just knew that David Sirota would have something to say about this, especially after what happened with the $15 minimum wage.

Jacobin:

“Democratic Sen. Joe Manchin on Monday began raising objections to President Biden’s legislation to fund infrastructure investments by raising the corporate tax rate to 28 percent. Derailing the tax hike would be a lucrative gift to both corporate CEOs in general, and to private equity giants whose executives bankrolled the lawmaker’s 2018 campaign and funded a super PAC that boosted his closely contested reelection bid.

On Monday, Manchin discussed Biden’s infrastructure plan with West Virginia MetroNews, and declared: “If I don’t vote to get on it, it’s not going anywhere.” …

On Monday, Sen. Ron Wyden, D-Oregon, told reporters that the Democratic caucus and the Senate finance committee will work together to set a final corporate tax rate figure. But Manchin’s proposed change would have a huge impact on how the Biden infrastructure plan is paid for, while largely preserving a tax policy that is delivering a disproportionately huge windfall to a tiny handful of executives at major corporations. …

Data compiled by OpenSecrets show that was part of more than $212,000 that the private equity and investment industry delivered to Manchin during an election cycle in which he was given a “small business investment” award by a major private equity group that has been lobbying on tax issues. …

Changing the tax rates now could eat into these private equity firms’ profits. Ares, Blackstone, and Carlyle have all recently lobbied on federal tax issues, according to the most recent federal disclosures. …”

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Author: Hunter Wallace


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