WSJ: Schumer-Manchin Deal is a Tax Increase on Every American
Democrats drove the economy into a recession and the new Schumer-Manchin “Inflation and Recession Act” worsens inflation and raises taxes on American businesses, job creators, and workers at the worst possible time, according to experts.
READ: Studies: Schumer-Manchin Deal Hits U.S. Manufacturers and Worsens Inflation
The Wall Street Journal editorial board writes: “The more Americans learn what’s in this tax-and-spend behemoth, the more they’ll dislike it.”
The Schumer-Manchin tax-and-spend deal…
- …worsens inflation: “The Penn Wharton Budget Model, which Sen. Manchin has been known to watch, examined the details of Schumer-Manchin and found that it doesn’t contain any net deficit reduction until 2027.”
- …harms American manufacturers and job creators: “Evidence is emerging that the new Schumer-Manchin 15 percent minimum tax on corporate-book income is especially harmful to U.S. manufacturing firms. An analysis by Congress’s Joint Committee on Taxation (JCT), which is hardly a nest of supply-siders, found that 49.7 percent of the tax would hit U.S. manufacturers.”
- …cuts wages for workers: “An analysis by the National Association of Manufacturers says the tax in 2023 alone will reduce real GDP by $68.5 billion and cut labor income by $17.1 billion…Raise the corporate tax rate, and you’re cutting wages and salaries for workers.”
- …raises taxes on all Americans: “The JCT finds that average tax rates will increase for nearly every income category in 2023 under the bill.”
- …violates President Biden’s tax pledge: “Taxes will rise by $16.7 billion in 2023 on Americans earning less than $200,000 a year. Taxpayers earning between $200,000 and $500,000 will pay $14.1 billion more. This gives the lie to Democratic claims that no one earning under $400,000 will pay more taxes under the bill, a promise Mr. Biden also made in his campaign. The reality is that the Schumer-Manchin bill is a tax increase on nearly every American.”
CLICK HERE to read the full editorial.
READ: One-Pager: Democrats’ “Inflation and Recession Act” Makes Biden’s Cruel Economy Even Worse