A good sign for Democrats hoping to salvage pieces of their ambitious tax agenda: Joe Manchin doesn’t seem to have second thoughts about hiking taxes on the rich and corporations by well over $1 trillion
On the plus side for Democrats, Sen. Joe Manchin has long made it clear that he doesn’t think wealthy people and corporations are paying enough taxes. | Anna Moneymaker/Getty ImagesDemocrats hope they can salvage pieces of their ambitious tax agenda even after Sen. Joe Manchin blew up the legislation that included it.
Manchin’s insistence that they keep from using timing maneuvers that would artificially tamp down the cost of the legislation could knock out provisions like an expansion of the Earned Income Tax Credit, which would have trouble making the cut if Democrats have to pick and choose priorities. He stressed that his main interest was in attacking the 2017 GOP tax cuts — an interest shared by practically every other Democrat in Congress outside of Sen. Kyrsten Sinema , who single-handedly vetoed plans to raise the top individual and corporate rates put into place by the Tax Cuts and Jobs Act.
Other tax increases, like the corporate minimum tax and ratcheting up the U.S.’ existing global minimum tax, the levy on global intangible low-taxed income, GILTI, aren’t scheduled to go into effect until 2023.
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