NEW Fox News articles can now be heard on audio! Sen. Joe Manchin, a Democrat from West Virginia, gave an explanation of why he decided to support a new funding bill, pledging that it won’t increase taxes or worsen inflation while acknowledging that he was mistaken about a prior spending bill.
Bret Baier, the anchor of “Fox News Sunday,” noted that Manchin had previously gone on the show and claimed that the American Rescue Plan, a previous Democratic spending measure, would not cause inflation. Manchin acknowledged his error on that Sunday.
Why should Americans believe you today when you claim that this new law won’t make inflation worse? Baier queried.
Manchin stated, “I’ll make sure I don’t make that error again. In the end, I’ll make sure I don’t commit that error again.
After Manchin and Schumer agreed to a reconciliation agreement, House Republicans moved to reject the China Competition Bill.
Manchin emphasized that the new legislation will not increase taxes, despite claims to the contrary from organizations like Americans for Tax Reform.
Manchin stated that “all it does is remove loopholes” and that “it does not raise taxes.”
Manchin claimed that he had doubted his ability to ever work out a compromise with Senate Majority Leader Chuck Schumer, a Democrat from New York, and that when he did, he “made sure there were no tax increases whatsoever.”
The Build Back Better Act, which Democrats failed to enact, is much reduced in scope by the new bill, , also known as the Inflation Reduction Act of 2022. The cost of the present bill is $433 billion, compared to the almost $3 trillion cost of the previous version.
MANCHIN AND SCHUMER AGREE TO BUILD BACK BETTER’S MASSIVELY PARED-BACK VERSION
The new measure will shut the carried interest loophole, which is expected to raise $14 billion, as well as enact a 15 percent corporation minimum tax on companies with revenues over $1 billion, all of which are expected to raise a combined $313 billion. This is not the same as raising taxes, the senator said.
All it does, he claimed, is close gaps.
Manchin spoke on another aspect of the measure on Sunday: a subsidy for folks who earn up to $300,000 per year and buy an electric automobile. The clause has drawn criticism for requiring the general public to foot the bill for wealthy Americans to purchase pricey cars. Manchin himself has previously denounced the notion, arguing that incentives were unnecessary because there was already a high demand for the cars.