Finance / Government Watch / Politics / We The People

Schumer-Manchin Tax Hikes Land on Working Americans

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.”

Reprinted with Permission from - US House Committee on Ways & Means by - J.P. Freire

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George
10 days 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.

BACKWOODS
12 days 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!

NoName4U
12 days ago

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

ops
13 days 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!

ops
13 days ago

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

Tim Toroian
13 days 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
13 days ago
Reply to  Tim Toroian

Agree…Democrats are not to be trusted

Joe M
13 days 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 !!!!

Nick Patriot
12 days ago
Reply to  Joe M

There’s and old saying, ” a leopard don’t change his spots”

Bill
13 days ago

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

Philip Hammersley
13 days 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!

Dr Rene
13 days 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?

John M
13 days ago

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

Rik
13 days ago

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

Stephen Russell
13 days ago

Guess Manchin broke & cant deal with pressure

Philip Hammersley
13 days ago

He knows that Biden & Harris can’t win in ’24 so he’s trying to get the nod himself!

Gary
13 days 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 ?

jocko
13 days ago

ALL libs = CANCER AND ARE THE ENEMY OF OUR NATION

Hatfield-Patriot
13 days 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
13 days ago

STAT

paul
13 days ago

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

Grace
13 days ago
Reply to  paul

Not a good week for middle class America. China owns McConnel and his wife, Helen chow. She (they) own a lucrative freight shipping company in China. Manchin, who we have assumed was for the ‘little Guy’ also let us down, big time. The new bill he signed with Schumer DOES TAX INCOMES UNDER $400,000 and way below. Watch SS go down too. That fund has been so riddled with both sides of the isle packing it with IOU’s for “emergency funds ?” for years, it’s a wonder there is anything left. America as we once knew it is shrinking away and taking it’s heart and soul with it. All we have left are a bunch of crappy politicians and not enough brave leaders to save us. Soon, like Britain and all of the other Socialist countries we will be giving up our cars and taking a bus. No choice, will never be able to afford EV’s.
Just heard on Fox the NWO, (New World Order) suggests we share our cars and our homes to save on electricity.

Janice
13 days ago
Reply to  Grace

That’s what happened when the Bolsheviks overthrew the Russian monarchy in 1918. One family homes became multi-family homes.

edward
13 days ago
Reply to  Janice

So did the nazis! When the NWO shares their cars and homes I will believe they mean what they say. Otherwise, they can go pound sand!

Brad
14 days 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.

Kim
14 days ago
Reply to  Brad

There are lots of people who would love to see a halving of the human population.

If you haven’t already, maybe now is the time to start growing some of your own produce. I’m almost vegetarian and grow nearly all the greens and vegetables and all the herbs I need in a small space…all year long. It isn’t rocket science and has saved me many hundreds of dollars this season. We conservatives are self-reliant, right? Well, here’s one way to be that.

Yes, fertilizer and other supplies have increased in price, but it’s still cheaper to grow your own. Don’t let the idiots in government make you go hungry! Don’t turn to the government for help because that will only strengthen them and their resolve–to take away this last vestige of self-reliance. Use lots of compost and aged cow manure to build the soil and its beneficial microbes, which makes us less dependent on those expensive fertilizers. And it all begins with a few tomatoes, peppers, cucumbers, basil…’Viroflay’ spinach, kale, miniature broccoli ‘Happy Rich’…collards, lettuce, “sustainable bunching onions”…

Grace
13 days ago
Reply to  Kim

Not everyone is lucky enough to have that little plot of land to grow their own vegetables; especially in the inner cities where folks are packed in tenements like sardines. Also, if your country want’s to starve you. As they did to their citizens in China and Venezuela , it will find ways. Perhaps more subtle than The Long March in China which killed millions and left a population so malnourished many couldn’t breed for years. Then China decided they needed an army and for a few years, limited a family to one pregnancy and aborted all the girl babies.. When the young men reached maturity China realized there were no women for them to marry so they had to import some.. It’s a world gone mad out there and moving so fast ahead on the NWO and Green New Deal it’s difficult to keep up with it.

Kim
13 days ago
Reply to  Grace

While it’s true that not everyone has space for a garden, most vegetables can be grown in containers on a sunny or partly sunny balcony…or even the rooftop, with appropriate engineering. Also, in many cities, residents have gotten permission to make gardens (“pocket parks”, “guerrilla gardening”) out of trash-strewn deserted lots. It’s never a bad idea to grow a few edibles while the world descends into the crazy abyss.

Morbious
13 days ago
Reply to  Kim

Ive been gardening for yrs and it can be more frustrating than golf. The global warming the zealots scream about has apparently brought late springs to my area. This yr i planted beans four times thruout may but they rotted in the ground due to cold temps and wet. Where im at tomatoes get blight now, zucchini has a parasitic worm and dont get me started on chard which this yr didnt mature. Now to successes: lettuce of various types does well, berries are easy and tart cherries dont temp critters the way other fruit trees are marauded. Id advise newbies to start with taters and onions along with lettuces. If the gardening bug hits you, put in asparagus and wait. Nothing like picking those elegant spears when nothing else ready.

Nick Patriot
13 days ago
Reply to  Kim

I guess you also believe in unicorns and rainbow lollipops…..

Gary
13 days ago
Reply to  Brad

You are right ! So now , what we MUST do , is vote out all those DEMOCRATs and, those RINOcrats who wish to ruin our economy . Vote the bastards out !

edward
13 days ago
Reply to  Brad

“ENVIRONMENTALISTS THAT THINK THEY ARE HELPING THE EARTH ARE GOING TO MURDER 100’s of millions of people through starvation”
Dont forget, stalin and man did the same thing.

Bill T
15 days 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

David Millikan
16 days 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.

anna hubert
13 days ago
Reply to  David Millikan

When once upon a time we were no 1 the whole world was better for it when not if China replaces us may God have mercy on us all

edward
13 days ago
Reply to  David Millikan

“Only a FOOL would believe anything the FASCIST COMMUNIST liberals and FAKE News would say”.
Yes and lenin called them, “useful idiots”.

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