Sen. Joe Manchin’s reconciliation bill is predicted by a nonpartisan analysis to increase taxes on the middle class, but the senator said he’d “agree to differ” and maintained that it won’t.
NEW Fox News articles can now be heard on audio! Sen. Joe Manchin is denying statistics that suggests his bill would raise taxes on the middle class in such a difficult environment as the United States enters one after two quarters of negative growth.
When Fox News Digital questioned Manchin, D-W.Va., about an analysis from the impartial Joint Committee on Taxation showing his bill would increase middle class taxes, Manchin responded, “We have to agree to disagree, a difference of view.”
The “Inflation Reduction Act,” as Manchin’s bill is technically known, would raise taxes in 2023 on six of eight income categories with incomes under $200,000.
Sen. Joe Manchin, a Democrat from West Virginia, rejects Joint Committee on Taxation statistics that claims his reconciliation measure would raise taxes on the middle class while the economy is in a slump. Associated Press
Manchin quickly changed the subject from Fox News Digital’s inquiry to talk about the portions of the law that, in his opinion, should be nonpartisan.
“My Republican colleagues are my friends, and we have done a great deal of work together. And I’ll keep cooperating with them in any manner possible “Manchin replied. “However, we have all discussed these issues in cross-partisan organizations. How do we get our financial home in order, start paying off our debt, and treat our finances seriously? Every time we come together as a group, we discuss issues related to bipartisan support. How can we increase our output?”
However, Republicans claim that Manchin’s measure, which he and Senate Majority Leader Chuck Schumer, D-N.Y., introduced last week, is absurd given that the economy has shrunk for the past two quarters and is technically in a recession.
“In West Virginia, the average household income is $48,037. In order to assist households earning more than five times as much as those levels in purchasing electric automobiles, this measure will increase taxes on Americans making significantly less than those levels “This past weekend, Texas senator John Cornyn tweeted.
Cornyn was referring to a clause in the measure that would provide families earning up to $300,000 a $7,500 tax credit to purchase specific electric vehicles.
In separate remarks, Manchin disputed the assertion that his bill would increase taxes on the middle class.
I have no notion where taxes are going down; there hasn’t been a penny of change, Manchin remarked. The only thing that was done was to require companies with annual revenues of $1 billion or more to pay a minimum of 15%.
Manchin continued, “I can’t believe that they would say” that the law would have an impact on the taxes of regular Americans.
It won’t have any impact, he declared.
For Fox News Digital, Tyler Olson covers politics. Tyler Olson can be reached at email@example.com. You can follow Tyler Olson on Twitter at @TylerOlson1791.