On Tuesday’s show of CNBC’s “Closing Bell,” Sen. Joe Manchin (D-WV) reacted to claims by the National Association of Manufacturers that the Reconciliation Bill taxes will hurt manufacturing and will reduce GDP and labor income by stating that the Joint Committee on Taxation’s assertions that the bill would raise taxes for people earning $200,000 are not true, JCT analysis has not been performed than by the Republican side of the Committee, and “a lot of that is skewed right now.”
Manchin said “all we’re saying is that companies that don’t pay or pay very [little]if so, and there [are] 55 of the largest companies, this only affects, Sara, companies that have a billion dollars in revenue or more per year and are even going to be assessed that way to pay a minimum of 15%. And I just can’t believe these patriotic companies don’t want to help this country defend itself and be able to do what we have to do to be the superpower in the world.
Host Sara Eisen then asked, “Well, JCT found out that 50% of those companies would be American manufacturing companies at a time when, Senator Manchin, we’re trying to relocate American manufacturing, right? So, isn’t this hurting their hiring and investment decisions? »
Manchin replied, “If you thought it was going to hurt, don’t you think the last two years it would have – you would have seen record capital investment? And you saw the least capital investment with record profits. So the one thing we’re saying is what they tell me the most is reliability, making sure this government lets them do their jobs, allowing regulation. And that’s what we’re going to basically speed up and streamline where people can – we can do things and build things much faster than we ever have in the past. It’s all part of this package. So it’s going to be wonderful from this ending.
Eisen then said, “Well, the National Association of Manufacturers [disagrees]. They say the tax in 2023 alone will reduce GDP by $68.5 billion and reduce labor income by $17.1 billion. That is problematic.
Manchin replied, “I also heard that the CDC, you heard of it – the common tax – I’m sorry, the JCT, the Joint Committee on Taxation, you heard that it was going to bring people paying taxes that brought in $200,000, which is absolutely, totally a lie, it’s not the fact. What they don’t tell you, Sara, is that it only came out of one half, the Republican side. The [Joint Committee on Taxation] essentially has two sides. You have a Republican side, a Democratic side, they work together. When they have a joint statement, it’s basically on both sides. It only came from one side. So a lot of things are skewed right now. We are, for the first time, paying off our debt, $300 billion. We haven’t done this for 25 years, not for 25 years, we’ve been paying down the debt. We increase energy production.
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