A bill spearheaded by Sens. Schumer and Manchin and supported by Biden would reinstate an excise tax on oil imports, which critics say will be passed on to consumers.
The tax on imported oil and petroleum products would seemingly break President Biden’s pledge that tax hikes will affect only those Americans earning $400,000 or more per year. Manchin has said the Democratic package honors that pledge. Taxes on oil and petroleum products are usually passed on to consumers in the form of higher energy prices. Energy prices have already broken records during Biden's presidency, and inflation has hit its highest rate in decades.
Manchin has asserted the bill's imposition of a 15% minimum tax on corporations earning over $1 billion annually is not a tax increase. He says it closes loopholes such companies use to escape paying the current 21% corporate tax. Republicans mocked that reasoning and said its tax boosts would weaken the economy and kill jobs. They cited a report from Congress' nonpartisan Joint Committee on Taxation that said about half of the corporate minimum tax would hit manufacturing firms.
"So in the middle of a supply chain crisis, Democrats want huge job-killing tax hikes that will disproportionately crush American manufacturing and manufacturing jobs," said Senate Minority Leader Mitch McConnell, R-Ky.Schumer said he expected votes to begin this week in the Senate, where Vice President Kamala Harris could cast the tie-breaking vote to assure its passage.
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