Fox Business reporter Ed Lawrence reports that Senator Joe Manchin believes Democrats do not have the votes to pass the American Jobs Plan in the U.S. Senate. Manchin says he knows of 6 or 7 Democrats who agree hiking the corporate tax rate to 28% would put the country’s competitiveness at risk.
The Democratic Senator expressed that there are not enough votes in the Senate to pass the President’s $2.25 trillion infrastructure proposal, due to six or seven Democrats who are opposed to raising the corporate tax rate to 28%.
Breitbart adds, “If Manchin’s vote count is accurate, it indicates Biden may have a tough time raising corporate taxes above the 25 percent rate Communist China charges American businesses. The United States’ current corporate tax rate, set by former President Trump, stands at 21 percent”.
Former President Trump, has voiced opposition to Biden plan saying it is “radical” and “a massive giveaway to China“. Trump believes that the plan is the “largest tax hike in American history”, and that it will displace thousands of “factories, millions of jobs, and trillions of dollars to these competitive nations”.
A number of Republicans have echoed Trump’s sentiments. House Minority Whip Steve Scalise (R-LA) said, “when you raise taxes, companies start moving their jobs overseas again, like they were doing when we had high taxes a few years ago. That means we lose middle class jobs”.
Senator March Blackburn (R-TN) also said that, “Biden’s plan includes the largest tax hike in nearly three decades, but of course, coastal elites will have their taxes slashed. It will strip Americans of their right to work by forcing them to join Democrat-backed unions”.
Mitch McConnel (now the Senate Minority Leader) referred to the proposal as a “Trojan horse”. He remarked, “It’s called infrastructure, but inside the Trojan horse, it’s going to be more borrowed money and massive tax increases on all the productive parts of our economy”.