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Schumer-Manchin Tax Hikes Land on Working Americans

Posted on Friday, July 29, 2022
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by Outside Contributor
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49 Comments
Tax

Democrats fueled inflation and caused a recession and now want to make the economy worse with Schumer-Manchin tax hikes.

Analysis by Americans for Tax Reform shows the Schumer-Manchin tax hikes will land on working families with higher prices, fewer jobs, and lower wages.

The cost of new tax increases will be borne by working families in the form of higher prices, fewer jobs, and lower wages. (Made-in-America Tax)

  • “While Democrats claim they are only targeting large, profitable corporations, the cost of these tax increases will be borne by working families in the form of higher prices, fewer jobs, and lower wages.”
  • “A Tax Foundation report from last December found a 15 percent book tax would reduce GDP by 0.1 percent and kill 27,000 jobs.”
  • “The Tax Foundation also warned that current supply chain issues could be worsened by the book tax’s disproportionate burden on key industries.
    • “The coal industry faces the heaviest burden of the book minimum tax, facing a net tax hike of 7.2 percent of its pretax book income, followed by automobile and truck manufacturing, which faces a 5.1 percent tax hike.”

CBO warns “lower spending on research and development and thus reduce the introduction of new drugs.” (Drug Price Controls)

  • Democrats claim revenue would be generated from Medicare savings from Washington price controls. “Yet these ‘savings’ wouldn’t begin until 2026, fueling concerns that budget gimmicks are allowing Democrats to increase spending now for promised offsets later.”
  • “This provision would also restrict medical innovation and limit the supply of new medicines available. Price controls never work because they cause supply shortages.”
  • “CBO warned the reduction in manufacturers’ revenue could be as high as $1 trillion over the next ten years and would “lower spending on research and development and thus reduce the introduction of new drugs.”
  • “The CBO further stresses the ‘uncertainty’ in assessing the number of new medicines that would be prevented from coming to market. The agency already revised its original assessment to increase the number of drugs prevented from being introduced by 50 percent.”

Supercharged IRS Will Increase Audits (87,000 new IRS auditors)

  • “The bill would spend $80 billion beefing up the IRS” giving the “IRS unlimited authority to hire 87,000 additional IRS agents to ramp up audits on small businesses and taxpayers.
  • “The IRS would perform an additional 1.2 million annual audits under the plan. Democrats claim the increased spending on enforcement would net $124 billion.”
  • “Democrats spend 14 times as much money for enforcement — such as small business audits — than for ‘taxpayer services’ — such as answering the phone. IRS employees only answer the phone ‘19 or 20 percent” of the time.’”

Attacking America’s Investment Infrastructure Jeopardizes 25 Million American Jobs (Carried Interest Capital Gains)

  • “Raising taxes on carried interest capital gains should be rejected. It is a terrible tax policy that would harm economic growth, reduce jobs, and reduce the returns of public pension funds across the country.”
  • “Sen. Kyrsten Sinema (D-Ariz.) has previously opposed increasing taxes on carried interest capital gains, according to reporting.”
  • This would hit America’s investment infrastructure, “which together account for over 25 million American jobs. In response, firms would downsize and decrease investment, causing both a loss of jobs and a reduction in the returns investors see.”

Higher Energy Bills for Consumers and Higher Costs of Everyday Products (Natural Gas Tax)

  • “The legislation would impose a regressive tax on oil and gas development based upon emission levels of methane during production, leading to higher energy bills for consumers and higher costs of everyday products. 
  • “A letter to Congress from the American Gas Association warned that the methane tax would amount to a 17 percent increase on an average family’s natural gas bill. Democrats have included a tax in the bill despite retail prices for energy surpassing multi-year highs in the United States.”
  • “The new tax would be phased in, beginning at $900/ton of methane emissions in 2023 and rising to $1,500/ton for emissions reported in 2025. These levels are unchanged from the House-passed version of reconciliation that was scored by the CBO.”
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Bill
Bill
1 year ago

These rotten democrats. I hope everyone of them are gone in November. Disgusting,vile,and contemptible starting from Plugs Biden and all his cronies.

Peter Blok
Peter Blok
1 year ago

Leave it Schummer and the looney left to raise taxes in a recession and virtually guarantee a terrible economy for a long time. I’m so disappointed in Manchin. For a while, he looked like the source of reason in the democrat party. So much for that. I wonder what leverage Schummer and Pelosi had on him?

PaulE
PaulE
1 year ago

Once again Mitch McConnell has gotten played by the Democrats. What did McConnell think that Schumer and Manchin were huddled in meetings about for the last two weeks? McConnell gave the go ahead for 16 Republicans in the Senate to vote for the completely unnecessary and inflationary $280 billion dollar Chips Bill, which cleared the way for this $746 billion dollar reconciliation bill (the so-called “skinny” BBB Bill) to be brought up and likely passed by unanimous Democrat support in the Senate. That’s another $1.3 trillion dollar spending extravaganza that will lead to higher inflation, higher taxes, higher national debt, and higher borrowing costs and less business growth in the United States. Which leads to less jobs, higher unemployment, and an overall lower standard of living for Americans going forward. All while Mitch is left looking like a confused deer staring into the headlights of an oncoming 18 wheeler once again.

By the way, McCarthy hasn’t covered himself in glory with the Chips Bill either. When I last checked, 25 Repubicans in the House voted for that piece of garbage. This is the GOP leadership that is supposed to save the American people from the socialist agenda? I don’t think so. Not if these two RINOs are in charge of Congress.

Oh and yes Manchin got exactly what he wanted to make it appear West Virginia got something substantial out of the BBB Bill he’s now agreed to vote for, so he can go home and tout about “bringing home the bacon”. So the Democrats look like heroes to their voting bas, while the Republicans, at least the RINOs of the group, once again look like the spineless, clueless idiots many of them are.

David Millikan
David Millikan
1 year ago

This is about Destroying Capitalism and the United States of America.
Just like their LIE on Global Warming which has NOTHING to do with CO2, and Hydrocarbons. It was a LOT HOTTER in the 1930’s than has been all the way up to today. Earth’s weather history is constantly changing and has NOTHING to do with humans. It’s called the earth orbiting the Sun that controls our weather. NOT HUMANS. Facts speak for themselves.
Jets SPRAYING ALUMINUM Particles messing up Normal Weather Patterns making it HOTTER and keeping RAIN from falling while KILLING US, PLANT LIFE, and ANIMAL LIFE from BREATHING ALUMINUM Particles they SPRAY.
The FASCIST liberals know the clock is ticking and they are doing everything they can to Destroy the UNITED STATES of AMERICA.
Just look at your wallet and our Borders, ILLEGAL UNCONSTITUTIONAL legislation by SWAMP QUEEN pelosi, ILLEGAL TAX INCREASES, ILLEGAL UNCONSTITUTIONAL ELECTIONS, ILLEGAL UNCONSTITUTIONAL executive orders, ILLEGAL ALIEN TERRORIST INVASION, RISING CRIME, DESTROYING OUR MILITARY and EDUCATION System. Attacking our Law Enforcement and U.S. Supreme Court. Attacking Businesses with FASCIST woke garbage and TAXING them right out of business with FASCIST regulations. Trying to DESTROY OUR U.S. CONSTITUTION, and National Security…SELLING OUR OIL to COMMUNIST China.
Give $865 BILLION in Military WEAPONS with equipment to TERRORIST and SURRENDERING to TERRORIST. Give TERRORIST Iran BILLION’S of our TAX DOLLARS just like HUSSEIN Obama did.
Let TERRORIST antifa and TERRORIST blm commit RIOTS with COMMUNIST harris BAILING them out.
Now they want to give the IRS $80 BILLION to supersize.
Above all…Making the USA a 4th world country on 1-20-21. When we were NUMBER 1 with PRESIDENT TRUMP WITH SECURED BORDERS and ENERGY INDEPENDENT.
Only a FOOL would believe anything the FASCIST COMMUNIST liberals and FAKE News would say.

Bill T
Bill T
1 year ago

Schumer (chuck U ) is a swamp rat. Can’t imagine the sweetheart deal he worked out with manchin ? This is the green new deal and if it passes it’s over

Brad
Brad
1 year ago

The war on oil and natural gas will bring world famine in a few short months. Our fertilizers are synthesized from natural gas and oil. Reducing its availability will dramatically reduce the amount of food grown and harvested this year. This will result in more than food shortages. It will create food OUTAGES. Not short supply. NO SUPPLY. ALL OF THOSE THOUGHTFUL ENVIRONMENTALISTS THAT THINK THEY ARE HELPING THE EARTH ARE GOING TO MURDER 100’s of millions of people through starvation. For this administration, the pain is intentional. The pain IS THE POINT. History will remember the Enviro nazis and their new genocide. Hopefully a few of us will survive to read it.

paul
paul
1 year ago

Can Republicans do their job and vote this crap down?Or is it McConnel and his cronies as usual to the rescue

Hatfield-Patriot
Hatfield-Patriot
1 year ago

Time for Legal citizens be empowered enough to arrest and send them to GITMO.
JUSTICE will be served by humans or by the wheels of KARMA.
DO UNTO OTHERS AS YOU WOULD HAVE DONE TO YOU.

jocko
jocko
1 year ago

ALL libs = CANCER AND ARE THE ENEMY OF OUR NATION

Gary
Gary
1 year ago

Well , i guess Manchin had us all fooled . Apparently , he and his wife got what he was holding out for . It’s is now obvious that Manchin agrees with Hillary . You’ll recall that Hillary told West Virginians that she’d close down all coal , gas and oil jobs in West Virginia and also in the surrounding States too , and then offer all the newly unemployed workers of West Virginia , jobs in “coding” . Remember ? Coding is an extremely high tech job in which you program computers .
So, we should now be asking Manchin , when do we get laid off ?

Stephen Russell
Stephen Russell
1 year ago

Guess Manchin broke & cant deal with pressure

Rik
Rik
1 year ago

Since when do the Taxes any politicians pass NOT land on the ” working” people?

John M
John M
1 year ago

I hope AMAC calls this to the supports of this bill.

Dr Rene
Dr Rene
1 year ago

Amazing, Congressional Budget Office (CBO) & the Reform for Tax Reform (RFTF) ORG CONFIRMED the WORKING CLASS (Middle Class), again for the 2nd year in a row, will pay for the Democrats new taxes (2nd yr of $300B = $600B). The new taxes will affect fewer jobs, lower wages & higher prices on everything. Noting the DEMS-SDEMS false claim that corporations will bare most of the taxes.

The automotive, trucking & coal industry will add a new 7.2% tax. Also, the Feds will spend less on R&D, thus providing fewer drugs by 50%. DEMS-SDEMS Medicare saving won’t take affect until 2026, seen as a GHYMMICK by the CBO & RFTF.

CBO warned the reduction in manufacturering revenue will be a loss of $1T over 10 years. The bill hires 87K IRS AGENTS to audit an additional 1.2M Americans. IRS phone assistance will remain at 19-20% of the time.

The investment sector will lose 25M jobs & HIGHER ENERGY costs will increase taxes by 17%. Further destroying the US Economy. How is this a Democrat INFLATION REDUCTION ACT?

Philip Hammersley
Philip Hammersley
1 year ago

More smoke and mirrors from the DIMMs. Their phony numbers NEVER add up because they base everything on static facts. Some years ago, a Rep asked the CBO how much $$ would be raised if all income over $100,000 was taxed at 100%. They presented a figure, never figuring out that nobody would want to EARN over $100,000 if they had to give all of it to the IRS!

Bill
Bill
1 year ago

Anything the government gets involved in always screws the people and the working people at that

Joe M
Joe M
1 year ago

I thought Manchin was the only hope Republicans and the rest of the country had to keep us safe from the communists running us into a 3rd world country !!! So now he shows us he is a true enemy of freedom !!!!

Tim Toroian
Tim Toroian
1 year ago

Like all Democrats who claim to be different Manchin proved the general rule, Democrats follow the party line just as the Soviets did no matter who something hurts including the entire country.
Why in Hell do we need to more than double the number of IRS people? So it can be spelled G-E-S-T-A-P-O?

ops
ops
1 year ago

A vote or support for any Democrat is a vote against America. They are not to be trusted!

ops
ops
1 year ago

Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly, then applying the wrong remedies. In other words an organization of incompetent self serving politicians driven by power and greed. Under this admin America and its people will always be in second place!

NoName4U
NoName4U
1 year ago

And that’s only the TIP of the iceberg!! Keep voting for Commies and you get what you deserve.

BACKWOODS
BACKWOODS
1 year ago

Selections have consequences. DEMAND THAT OUR ELLECTIONS ARE FIXED,NO MACHINES, NO MAIL IN BALLOTS EXCEPT FOR MILLITARY, SENIORS AND MEDICAL REASONS. WE ALL NEED TO GET INVOLVED TO FIX THIS DO NOT ASSUME. PAPER BALLOTS MANUAL COUNT!

George
George
1 year ago

Thank you, democrats and Joe Manchin. I had the experience of observing two of his senatorial campaigns while living in West Virginia. He swore he was pro-life. He swore he was against Obamacare. Guess what! He voted with the democrats on both issues. Once a democrat, always a democrat.

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