President Biden and his allies in Congress have an agenda they’d like to see in America.
This agenda involves passing leftist policies under the guise of seemingly commonsense policies like infrastructure reform and COVID-19 relief. This explains why bills like the American Rescue Plan and American Jobs Plan have little to do with coronavirus relief or infrastructure.
Right now, Biden is looking to pass an infrastructure package that is ever pricer than the trillion-dollar American Rescue Plan. As a means to fund this package, the Democrat president aims to hike the corporate tax rate to 28%.
On Monday, however, Democrat Sen. Joe Manchin indicated that Biden doesn’t have the congressional votes to pass a 7% tax hike surge into law, per Breitbart News.
Not Enough Votes in the Senate
As a centrist Democrat in a 50-50 Senate, Joe Manchin has a lot of power and impact. His vote can either make or break legislation. Republicans know it and Democrats definitely know it.
Yesterday, Sen. Manchin informed that the proposed 28% corporate tax hike does not have enough votes to pass the Senate; Manchin also informed that the American Jobs Plan is in the same boat.
Fox Business reporter Ed Lawrence tweets "Senator Joe Manchin just said Democrats do not have the votes to pass the American Jobs Plan in the US Senate. Manchin says he knows of 6 or 7 Dems who agree hiking the corp tax rate to 28% would put the country's competitiveness at risk
— Charles V Payne (@cvpayne) April 5, 2021
Additional news from the centrist Democrat senator on Monday furthermore notified that six to seven Senate Democrats have concerns that a corporate tax increase would adversely affect the country’s ability to compete against other nations.
The Problems with Raising the Corporate Tax Rate
There are so many issues with raising the corporate tax rate, issues that President Biden and his White House refuse to acknowledge.
For starters, a corporate tax rate hike only guarantees that companies transfer their businesses overseas. This, in turn, hurts middle class workers. At a time when America’s economy is already working to bounce back, the last thing needed in the United States is a loss of more jobs because Democrats chose to raise taxes.
THREAD: Today @SenStabenow & I unveiled the bipartisan American Jobs in Energy Manufacturing Act of 2021. It would incentivize domestic manufacturing of advanced energy technologies w/ targeted investment in rural communities impacted by economic downturn. https://t.co/LxflB58tE5
— Senator Joe Manchin (@Sen_JoeManchin) March 1, 2021
Republicans have also sounded the alarm about the American Jobs Plan being billed as infrastructure legislation when in reality, 94% of the bill doesn’t pertain to infrastructure at all.
Top congressional Republicans such as Senate Minority Leader Mitch McConnell warn that Biden’s infrastructure bill is a “trojan horse” that will engender more debt and strain on the U.S. economy.
Do you think the corporate tax hike and American Jobs Plan are doomed to die in the U.S. Senate? Share your thoughts with us in the comments section below.