Manchin’s Desire to Tax Corporations Helped Resurrect Biden Agenda

 

By Laura Litvan, Bloomberg

July 28, 2022

 

Senator Joe Manchin said he resurrected negotiations on a tax, energy and climate bill that had formed the core of President Joe Biden’s economic agenda, in part, to target corporations that aren’t paying taxes.

 

Manchin, a key Democratic vote in the evenly divided Senate, restarted talks with Senate Majority Leader Chuck Schumer just days after walking away earlier this month after inflation hit 9.1%. Notably, the West Virginia senator kept Biden at bay for fear of leaving the president politically exposed.

 

“I was not going to bring the president in,” Manchin told West Virginia radio host Hoppy Kercheval. “I did not think it was fair to bring him in,” adding that the deal “could have gone sideways.”

 

Manchin said he ordered his staff to study ways to “scrub the bill down” so that no aspects would worsen inflation. His staff, he said, ultimately wrote the bill in coordination with Schumer aides.

 

A minimum corporate tax rate wouldn’t spark higher consumer prices, Manchin said, and also would make the tax code more fair.

 

“Tell me why a corporation that’s $1 billion in book value -- that means the largest corporations in America -- aren’t paying a minimum 15% taxes,” Manchin said.

 

Manchin also defended another key tax change in the deal announced late Wednesday: raising $14 billion from taxing carried interest, or profits made by some investment managers, at a higher rate...

 

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https://www.bloomberg.com/news/articles/2022-07-28/manchin-desire-to-tax-corporations-helped-resurrect-biden-agenda