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Tipsheet

Schumer's Latest Tax Hike Proposal Just Got Crushed

AP Photo/J. Scott Applewhite

Democratic Senator Joe Manchin has slammed the brakes on a new tax hike proposal from Majority Leader Chuck Schumer. 

"Sen. Joe Manchin has said he'll oppose an economic measure he's been negotiating with Democratic leaders if it includes climate or energy provisions or higher taxes," the Associated Press reports. "Manchin told Senate Majority Leader Chuck Schumer, D-N.Y., on Thursday that he will only support a new measure if it is limited to curbing pharmaceutical prices and extending federal subsidies for buying health care coverage... Manchin's demands leave the future of the latest measure unclear, seemingly upending the hopes of President Joe Biden and Democratic leaders' for a more sweeping package they could push through Congress by August." 

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The proposal pushed by Schumer would increase taxes on job creators by $280 billion. Americans for Tax Reform has been sounding the alarm

"Senate Democrats are set to introduce legislation that contains a $252 billion tax increase on small businesses...With the economy struggling and inflation out of control, now is the worst time to increase taxes on businesses," ATR warned, putting pressure on Manchin not to go along with the plan. 

Manchin's latest move comes after new numbers released this week showed inflation is red hot and not slowing down. 

"Today's inflation data illustrates the pain families across the country are feeling as costs continue to rise at a historic rate. 9.1% is cause for serious concern. Items like chicken, eggs and lunchmeat have increased to new highs, while energy costs rose more than 40% in June with those that can least afford it suffering the most. It is past time we put our country first and end this inflation crisis," Manchin released in a statement Wednesday. "For more than a year, leaders in Washington have ignored the serious concerns raised by myself and others about the rising cost of inflation," he continued. "While Washington seems to now understand this reality, it is time for us to work together to get unnecessary spending under control, produce more energy at home and take more active and serious steps to address this record inflation that now poses a clear and present danger to our economy. No matter what spending aspirations some in Congress may have, it is clear to anyone who visits a grocery store or a gas station that we cannot add any more fuel to this inflation fire." 

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